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Alpha Metallurgical Resources, Inc.

Alpha Metallurgical Resources, Inc.AMR财报

NYSE · 材料 · 烟煤和褐煤露天开采

Alpha Metallurgical Resources, formerly Contura Energy, is a leading coal supplier with underground and surface coal mining complexes across Northern and Central Appalachia. Contura owns large coal basins in Pennsylvania, Virginia and West Virginia which supply both metallurgical coal to produce steel and thermal coal to generate power.

What changed in Alpha Metallurgical Resources, Inc.'s 10-K — 2024 vs 2025

Top changes in Alpha Metallurgical Resources, Inc.'s 2025 10-K

426 paragraphs added · 429 removed · 348 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

118 edited+24 added−26 removed204 unchanged
Coal from the surface mines may be processed through the Kingston Preparation Plant, trucked to and processed through the Mammoth Plant, 11 Table of Contents or trucked directly to the Pax Loadout or Marmet Dock for delivery to customers.
Coal from the surface mines may be processed through the Kingston Preparation Plant, trucked to and processed 11 Table of Contents through the Mammoth Plant, or trucked directly to the Pax Loadout or Marmet Dock for delivery to customers.
Affected electricity generators have sought to meet these requirements by, among other compliance methods, switching to lower sulfur fuels, installing pollution control devices, reducing electricity generating levels or purchasing or trading sulfur dioxide emission allowances. We cannot accurately predict the effect of these provisions of the Clean Air Act on us in future years. • NAAQS for Criteria Pollutants.
Affected electricity generators have sought to meet these requirements by, among other compliance methods, switching to lower sulfur fuels, installing pollution control devices, reducing electricity generating levels and purchasing or trading sulfur dioxide emission allowances. We cannot accurately predict the effect of these provisions of the Clean Air Act on us in future years. • NAAQS for Criteria Pollutants.
Generally speaking, these Section 404 permits allow the placement of dredge and fill materials into navigable waters of the United States, including wetlands, streams, and other regulated areas. The COE has issued general “nationwide” permits for specific categories of activities that are similar in nature and that are determined to have minimal adverse effects on the environment.
Generally speaking, these Section 404 permits allow the placement of dredge and fill materials into navigable waters of the United States, including wetlands, streams, and other regulated areas. The COE has issued general “nationwide” permits (“NWPs”) for specific categories of activities that are similar in nature and that are determined to have minimal adverse effects on the environment.
B quality met coal from the Upper Chilton, Upper Cedar Grove, and No. 2 Gas coal seams. Mine lives range from 4 to 13 years. Coal is processed at the Bandmill Preparation Plant and loaded onto CSX rail for delivery to customers. Kepler – Kepler is a mining complex located in Wyoming, McDowell, and Raleigh counties, West Virginia.
B quality met coal from the Upper Chilton, Upper Cedar Grove, and No. 2 Gas coal seams. Mine lives range from 4 to 13 years. Coal is processed at the Bandmill Preparation Plant and loaded onto CSX rail for delivery to customers. Kepler – Kepler is a mining complex located in Wyoming and McDowell counties, West Virginia.
Kingston – Kingston is a mining complex located in Fayette and Raleigh counties, West Virginia. The complex has one active underground mine, which produces primarily Mid-Vol. quality met coal from the Douglas coal seam. The complex also has two active surface mines which produce High-Vol.
Kingston/Mammoth – Kingston/Mammoth is a mining complex located in Fayette and Raleigh counties, West Virginia. The complex has one active underground mine, which produces primarily Mid-Vol. quality met coal from the Douglas coal seam. The complex also has two active surface mines which produce High-Vol.
The following is a summary of information regarding our active loadouts and docks as of December 31, 2024 : Loadout/Dock Year Constructed Loading Capacity (Tons per hour) Pax Loadout 2006 3,500 Feats Loadout 1975 3,500 Marmet Dock 1986 1,600 Export Terminal The following is a summary of information regarding DTA (in which we own a 65% interest) as of December 31, 2024: Export Terminal Year Constructed Loading Capacity (Tons per hour) Storage Capacity (Net tons) DTA 1984 Up to 6,500 1.7 million Coal Mining Techniques We use four different mining techniques to extract coal from the ground: room-and-pillar mining, truck-and-shovel mining and truck and front-end loader mining, contour mining, and highwall mining.
The following is a summary of information regarding our active loadouts and docks as of December 31, 2025 : Loadout/Dock Year Constructed Loading Capacity (Tons per hour) Pax Loadout 2006 3,500 Feats Loadout 1975 3,500 Marmet Dock 1986 1,600 Export Terminal The following is a summary of information regarding DTA (in which we own a 65% interest) as of December 31, 2025: Export Terminal Year Constructed Loading Capacity (Tons per hour) Storage Capacity (Net tons) DTA 1984 Up to 6,500 1.7 million Coal Mining Techniques We use four different mining techniques to extract coal from the ground: room-and-pillar mining, truck-and-shovel mining and truck and front-end loader mining, contour mining, and highwall mining.
The EPA states, “emissions of HAP have been reduced such that residual risk is at acceptable levels, that there are no developments in HAP emissions controls to achieve further cost-effective reductions beyond the current standard, and, therefore, no changes to the MATS rule are warranted.” On February 15, 2023, however, the EPA revoked its 2020 finding that it was not appropriate and necessary to regulate coal- and oil-fired power plants under Section 112 of the Clean Air Act, which regulates HAP emissions.
The EPA explained, “emissions of HAP have been reduced such that residual risk is at acceptable levels, that there are no developments in HAP emissions controls to achieve further cost-effective reductions beyond the current standard, and, therefore, no changes to the MATS rule are warranted.” On February 15, 2023, however, the EPA revoked its 2020 finding that it was not appropriate and necessary to regulate coal- and oil-fired power plants under Section 112 of the Clean Air Act, which regulates HAP emissions.
Coal Industry Retiree Health Benefit Act of 1992 Unlike many companies in the coal business, we do not have any liability under the Coal Industry Retiree Health Benefit Act of 1992 (the “Coal Act”), which requires the payment of substantial sums to provide lifetime health benefits to union-represented miners (and their dependents) who retired before 1992, because liabilities under the Coal Act that had been imposed on Alpha Natural Resources, Inc. were settled in the bankruptcy process. 31 Table of Contents
Coal Industry Retiree Health Benefit Act of 1992 Unlike many companies in the coal business, we do not have any liability under the Coal Industry Retiree Health Benefit Act of 1992 (the “Coal Act”), which requires the payment of substantial sums to provide lifetime health benefits to union-represented miners (and their dependents) who retired before 1992, because liabilities under the Coal Act that had been imposed on Alpha Natural Resources, Inc. were settled in the bankruptcy process. 30 Table of Contents
(2) Equipment: S = Shovel/Excavator/Loader/Trucks; CM = Continuous Miner; H = Highwall Miner (3) CSX = CSX Transportation; NS = Norfolk Southern Railway Company (4) Tons of coal purchased from third parties and not processed are not included. (5) Net book value of property, plant and equipment and owned and leased mineral rights as of December 31, 2024.
(2) Equipment: CM = Continuous Miner; S = Shovel/Excavator/Loader/Trucks; H = Highwall Miner (3) CSX = CSX Transportation; NS = Norfolk Southern Railway Company (4) Tons of coal purchased from third parties and not processed are not included. (5) Net book value of property, plant and equipment and owned and leased mineral rights as of December 31, 2025.
The EPA estimated that the Revised CSAPR Update rule will reduce NOX emissions from power plants in 12 states in the eastern United States by 17,000 tons in 2021 compared to projections without the rule, yielding public health and climate benefits that are valued, on average, at up to $2.8 billion each year from 2021 to 2040.
The EPA estimated that the Revised CSAPR Update rule would reduce NOx emissions from power plants in 12 states in the eastern United States by 17,000 tons in 2021 compared to projections without the rule, yielding public health and climate benefits that are valued, on average, at up to $2.8 billion each year from 2021 to 2040.
In October 2015, the EPA finalized the NAAQS for ozone pollution and reduced the limit to 70 parts per billion (ppb) from the previous 75 ppb standard.
In October 2015, the EPA finalized the NAAQS for ozone pollution and reduced the standard to 70 parts per billion (ppb) from the previous 75 ppb standard.
Our portfolio of mining operations consists of 14 active underground mines, six active surface mines and eight active coal preparation plants, as well as one underground mine and one coal preparation plant that have been temporarily idled. We own a 65.0% interest in Dominion Terminal Associates (“DTA”), a coal export terminal in Newport News, Virginia.
Our portfolio of mining operations consists of 14 active underground mines, five active surface mines and eight active coal preparation plants, as well as one underground mine, one surface mine, and one coal preparation plant that have been temporarily idled. We own a 65.0% interest in Dominion Terminal Associates (“DTA”), a coal export terminal in Newport News, Virginia.
We depend upon rail, barge, trucking and other systems to deliver coal to markets. In the years ended December 31, 2024 and 2023, our produced coal was transported from the mines and to the customer primarily by rail, with the main rail carriers being CSX Transportation and Norfolk Southern Railway Company.
We depend upon rail, barge, trucking and other systems to deliver coal to markets. In the years ended December 31, 2025 and 2024, our produced coal was transported from the mines and to the customer primarily by rail, with the main rail carriers being CSX Transportation and Norfolk Southern Railway Company.
These proceedings, as well as governmental examinations, could involve various business units and a variety of claims, including, but not limited to, contract disputes, personal injury claims, property damage claims (including those resulting from blasting, subsidence, trucking and flooding), environmental and safety issues, and employment matters.
These proceedings, as well as governmental examinations, could involve various business units and a variety of claims, including, but not limited to, contract disputes, personal injury claims, property damage claims (including those resulting from blasting, subsidence, trucking and flooding), environmental and safety issues, securities-related matters and employment matters.
On April 3, 2023, the EPA issued a proposed rule that the EPA said would strengthen and update the MATS for power plants to reflect recent developments in control technologies and the performance of these plants. The EPA issued a final revised MATS rule for EGUs in April 2024 that establishes more stringent standards than the previous rule.
On April 3, 2023, the EPA issued a proposed rule that the EPA said would strengthen and update the MATS for power plants to reflect recent developments in control technologies and the performance of these plants. The EPA issued a final revised MATS rule for EGUs in April 2024 that established more stringent standards than the previous rule.
Mine lives range from 1 to 13 years. Coal from the underground mines is processed at the Marfork Preparation Plant and loaded onto the CSX rail for delivery to customers. Coal from the surface mines may be processed through the Marfork Preparation Plant or trucked directly to the Pax Loadout or the Marmet Dock for delivery to customers.
Mine lives range from 1 to 12 years. Coal from the underground mines is processed at the Marfork Preparation Plant and loaded onto the CSX rail for delivery to customers. Coal from the surface mines may be processed through the Marfork Preparation Plant or trucked directly to the Pax Loadout or the Marmet Dock for delivery to customers.
Financial Information About Reportable Segments and Geographic Areas As of December 31, 2024, we have one reportable operating segment: Met. Refer to “Item 7. Management’s Discussion and Analysis of Financial Condition—Results of Operations” and Notes 21 and 22 to the Consolidated Financial Statements for financial information about our reportable segment and geographic areas.
Financial Information About Reportable Segments and Geographic Areas As of December 31, 2025, we have one reportable operating segment: Met. Refer to “Item 7. Management’s Discussion and Analysis of Financial Condition—Results of Operations” and Notes 21 and 22 to the Consolidated Financial Statements for financial information about our reportable segment and geographic areas.
We offer our employees competitive fixed base pay; a bonus incentive program for administrative positions tied to company safety, environmental stewardship, and financial performance; an operations bonus incentive program tied to site-specific safety, environmental stewardship and production goals; paid time-off including holidays; a comprehensive benefits package that includes medical, dental, and vision coverage; disability and life insurance coverages; and a 401(k) retirement savings program.
We offer our employees competitive fixed base pay; a bonus incentive program for administrative positions tied to company safety, environmental stewardship, and financial performance; an operations bonus incentive program tied to site-specific safety, environmental stewardship and production goals; paid time-off including holidays; a comprehensive benefits package that includes medical, dental, and vision coverage; disability and life insurance coverages; and a 401(k) retirement savings program with an employer match.
Rail shipments constituted approximately 90% and 89% of total shipments of coal volume from our mines during the years ended December 31, 2024 and 2023, respectively. The balance was shipped from our preparation plants, loadout facilities or mines via truck or barge.
Rail shipments constituted approximately 89% and 90% of total shipments of coal volume from our mines during the years ended December 31, 2025 and 2024, respectively. The balance was shipped from our preparation plants, loadout facilities or mines via truck or barge.
Over the past several years, the EPA has revised its NAAQS for nitrogen oxide, sulfur dioxide, particulate matter and ozone, in each case making the standards more stringent. As a result, some states have been, and will be, required to amend their existing individual state implementation plans (“SIPs”) to achieve compliance with the new air quality standards.
Over the past several years, the EPA has revised its NAAQS for nitrogen oxide, sulfur dioxide, PM and ozone, in each case making the standards more stringent. As a result, some states have been, and will be, required to amend their existing individual state implementation plans (“SIPs”) to achieve compliance with the new air quality standards.
It established the first federal limits on the levels of arsenic, mercury, selenium and nitrate-nitrites in flue gas desulfurization that can be discharged as wastewater from power plants, based on technology improvements over the last three decades. On April 25, 2017, the EPA stayed the implementation of the rule indefinitely to allow for reconsideration.
It established the first federal limits on the levels of arsenic, mercury, selenium and nitrate-nitrites in flue gas desulfurization that can be discharged as wastewater from power plants, based on technology improvements over the last three decades. On April 27 Table of Contents 25, 2017, the EPA stayed the implementation of the rule indefinitely to allow for reconsideration.
A number of states have enacted legislative mandates requiring electricity suppliers to use renewable energy sources to generate a certain percentage of power. For example, on September 10, 2018, California adopted a law that requires all electricity consumed by the state to be generated from renewable sources such as solar, wind and hydropower by 2045.
A number of states have enacted legislative mandates requiring electricity suppliers to use renewable energy sources to generate a certain percentage of power. For 25 Table of Contents example, on September 10, 2018, California adopted a law that requires all electricity consumed by the state to be generated from renewable sources such as solar, wind and hydropower by 2045.
Surface Mining Control and Reclamation Act SMCRA, which is administered by the Office of Surface Mining Reclamation and Enforcement (“OSM”), establishes mining, environmental protection, reclamation, and closure standards for all aspects of surface mining as well as many aspects of underground mining that effect surface expressions.
Surface Mining Control and Reclamation Act Surface Mining Control and Reclamation Act (“SMCRA”), which is administered by the Office of Surface Mining Reclamation and Enforcement (“OSM”), establishes mining, environmental protection, reclamation, and closure standards for all aspects of surface mining as well as many aspects of underground mining that effect surface expressions.
Permits issued pursuant to Nationwide Permits 5, 21, 49 and 50 generally authorize the disposal of dredged or fill material from surface coal mining activities into waters of the United States, subject to certain restrictions.
Permits issued pursuant to NWPs 5, 21, 49 and 50 generally authorize the disposal of dredged or fill material from surface coal mining activities into waters of the United States, subject to certain restrictions.
These commitments and agreements could further reduce demand and prices for our coal. In 2009, the EPA issued a finding that emissions of carbon dioxide, methane and other GHGs present an endangerment to public health and the environment. The EPA has since adopted regulations under existing provisions of the CAA pursuant to this finding.
These commitments and agreements could further reduce demand and prices for our coal. In 2009, the EPA issued a finding that emissions of carbon dioxide, methane and other GHGs present an endangerment to public health and the environment. The EPA has since adopted regulations under existing provisions of the CAA pursuant to 24 Table of Contents this finding.
The final rule was published in the Federal Register on December 12, 2024 and became effective on January 13, 2025. We continue to evaluate the final rule, the potential for legal challenges to the final rule and the rule’s potential effects upon the Company.
The final rule was published in the Federal Register on December 12, 2024 and became effective on January 13, 2025. We continue to evaluate the final rule, the potential for legal challenges to the final rule and the rule’s potential effects upon us.
The Clean Air Act requires the EPA to set standards, referred to as National Ambient Air Quality Standards (“NAAQS”), for six common air pollutants, including nitrogen oxide, sulfur dioxide, particulate matter, and ozone. Areas that are not in compliance (referred to as “non- attainment areas”) with these standards must take steps to reduce emissions levels.
The Clean Air Act requires the EPA to set standards, referred to as National Ambient Air Quality Standards (“NAAQS”), for six common air pollutants, including nitrogen oxide, sulfur dioxide, PM, and ozone. Areas that are not in compliance (referred to as “non- attainment areas”) with these standards must take steps to reduce emissions levels.
For instance, waters that states have designated as impaired (i.e., as not meeting present water quality standards) are subject to Total Maximum Daily Load regulations, which may lead to the adoption of more stringent discharge standards for our coal mines and could require more costly treatment.
For instance, waters that states have designated as impaired (i.e., as not meeting present water quality standards) are subject to Total 26 Table of Contents Maximum Daily Load regulations, which may lead to the adoption of more stringent discharge standards for our coal mines and could require more costly treatment.
Regulatory authorities have considerable discretion in the timing of the permit issuance 20 Table of Contents and the public and other agencies have rights to comment on and otherwise engage in the permitting process, including through intervention in the courts. The Abandoned Mine Land Fund, which is part of SMCRA, requires a fee on all coal produced.
Regulatory authorities have considerable discretion in the timing of the permit issuance and the public and other agencies have rights to comment on and otherwise engage in the permitting process, including through intervention in the courts. The Abandoned Mine Land Fund, which is part of SMCRA, requires a fee on all coal produced.
In January 2020, the EPA and the COE issued a final rule that attempts to clarify the Clean Water Act's (“CWA”) jurisdictional reach over waters of the United States, referred to as the Navigable Waters Protection Rule (“NWPR”). The rule replaced a rule issued in June 2015 by the previous presidential administration, the Clean Water Rule.
In January 2020, the EPA and the COE issued a final rule that attempts to clarify the CWA’s jurisdictional reach over waters of the United States, referred to as the Navigable Waters Protection Rule (“NWPR”). The rule replaced a rule issued in June 2015 by the previous presidential administration, the Clean Water Rule.
In May 2012, the EPA finalized a rule that allows the trading programs in CSAPR to serve as an alternative to determining source-by-source Best Available Retrofit Technology (“BART”). This rule provides that states in the CSAPR region can substitute participation in CSAPR for source-specific BART for sulfur dioxide and/or nitrogen oxides emissions from power plants.
In May 2012, the EPA finalized a rule that allows the trading programs in CSAPR to serve as an alternative to determining source-by-source Best Available Retrofit 23 Table of Contents Technology (“BART”). This rule provides that states in the CSAPR region can substitute participation in CSAPR for source-specific BART for sulfur dioxide and/or nitrogen oxides emissions from power plants.
However, on February 19, 2021, the U.S. formally rejoined the Paris Agreement. On January 20, 2025, 24 Table of Contents President Trump signed an executive order requiring the U.S. Ambassador to the United Nations to submit formal written notification of the United States’ withdrawal from the Paris Agreement.
However, on February 19, 2021, the U.S. formally rejoined the Paris Agreement. On January 20, 2025, President Trump signed an executive order requiring the U.S. Ambassador to the United Nations to submit formal written notification of the United States’ withdrawal from the Paris Agreement.
Like the NWPR, the Revised Definition of Waters of the United States rule has been the subject of legal challenges. On May 25, 2023, the U.S. Supreme Court’s decision in Sackett v. EPA limited the jurisdiction of the EPA and the COE over 27 Table of Contents wetlands.
Like the NWPR, the Revised Definition of Waters of the United States rule has been the subject of legal challenges. On May 25, 2023, the U.S. Supreme Court’s decision in Sackett v. EPA limited the jurisdiction of the EPA and the COE over wetlands.
On January 18, 2023, the U.S. Department of Labor (“DOL”) 30 Table of Contents announced a notice of proposed rulemaking by its Office of Workers’ Compensation Programs to revise regulations governing the standards related to self-insurance by coal mine operators.
On January 18, 2023, the U.S. Department of Labor (“DOL”) announced a notice of proposed rulemaking by its Office of Workers’ Compensation Programs to revise regulations governing the standards related to self-insurance by coal mine operators.
Section 402 of the CWA creates a process for establishing effluent limitations for discharges to streams that are protective of water 26 Table of Contents quality standards through the NPDES program, and corresponding programs implemented by state regulatory agencies.
Section 402 of the CWA creates a process for establishing effluent limitations for discharges to streams that are protective of water quality standards through the NPDES program, and corresponding programs implemented by state regulatory agencies.
As a result, the EPA is now requiring new sources already subject to the PSD program, including coal-fired power plants, to undergo control technology reviews for GHGs (predominately carbon dioxide) as a condition of permit issuance.
As a result, the EPA began requiring new sources already subject to the PSD program, including coal-fired power plants, to undergo control technology reviews for GHGs (predominately carbon dioxide) as a condition of permit issuance.
All employees have access to our Employee Assistance Program at no cost, which gives them and their family access to licensed professionals for help with mental health, stress, addiction, grievances, relationship issues, childcare and eldercare services, legal and personal finance services and other work/life balance matters.
All employees have access to our Employee Assistance Program at no cost, which 16 Table of Contents gives them and their family access to licensed professionals for help with mental health, stress, addiction, grievances, relationship issues, childcare and eldercare services, legal and personal finance services and other work/life balance matters.
The May 2024 rule established zero discharge requirements for BATW, FGD, and combustion residual leachate wastewaters at coal-fueled units with no planned retirement date. Numerous parties filed petitions for review of the 2024 rule, which remain pending in the U.S. Court of Appeals for the Eighth Circuit. The rule remains in effect during the pending litigation.
The May 2024 rule established zero discharge requirements for BATW, FGD, and combustion residual leachate wastewaters at coal-fueled units with no planned retirement date. Numerous parties filed petitions for review of the 2024 rule, which remain pending in the U.S. Court of Appeals for the Eighth Circuit.
A quality met coal as well as some thermal quality coal as a by-product of mining from multiple coal seams. Mine lives range from 1 to 10 years. Coal from the underground mine is processed at the Kingston Preparation Plant and trucked to the Pax Loadout to be loaded onto CSX rail for delivery to customers.
A quality met coal as well as some thermal quality coal as a by-product of mining from multiple coal seams. Mine lives range from 2 to 11 years. Coal from the underground mine is processed at the Kingston Preparation Plant and trucked to the Pax Loadout to be loaded onto CSX rail for delivery to customers.
As of December 31, 2024, we had approximately 3,800 employees working at our mining operations across Central Appalachia in Virginia and West Virginia, while the remainder of our personnel were employed at our headquarters in Bristol, Tennessee, in Julian, West Virginia, or at other administrative offices throughout the region.
As of December 31, 2025, we had approximately 3,720 employees working at our mining operations across Central Appalachia in Virginia and West Virginia, while the remainder of our personnel were employed at our headquarters in Bristol, Tennessee, in Julian, West Virginia, or at other administrative offices throughout the region.
For additional information about the Company’s legal proceedings, refer to Note 20 , part (d), to the Consolidated Financial Statements, which is incorporated herein by reference. 18 Table of Contents ENVIRONMENTAL AND OTHER REGULATORY MATTERS Federal, state and local authorities regulate the U.S. coal mining industry and the industries it serves with respect to matters such as employee health and safety, permitting and licensing requirements, air quality standards, water quality, plant and wildlife protection, the reclamation of mining properties after mining has been completed, the discharge of materials into the environment, surface subsidence from underground mining, and the effects of mining on groundwater quality and availability.
For additional information about our legal proceedings, refer to Note 20 , part (d), to the Consolidated Financial Statements. 18 Table of Contents ENVIRONMENTAL AND OTHER REGULATORY MATTERS Federal, state and local authorities regulate the U.S. coal mining industry and the industries it serves with respect to matters such as employee health and safety, permitting and licensing requirements, air quality standards, water quality, plant and wildlife protection, the reclamation of mining properties after mining has been completed, the discharge of materials into the environment, surface subsidence from underground mining, and the effects of mining on groundwater quality and availability.
McClure/Toms Creek – McClure/Toms Creek is a mining complex located in Dickenson, Buchanan, Russell, and Wise counties, Virginia. The complex has three active underground mines which produce High-Vol. A and Mid-Vol. quality met coal from the Upper Banner, Lower Banner, and Jawbone coal seams. The complex also has two active surface mines which produce primarily High-Vol.
McClure/Toms Creek – McClure/Toms Creek is a mining complex located in Dickenson, Buchanan, Russell, and Wise counties, Virginia. The complex has three active underground mines which produce High-Vol. A and Mid-Vol. quality met coal from the Upper Banner, Lower Banner, and Jawbone coal seams.
Nationwide Permits are typically reissued for a five-year period and require appropriate mitigation, and permit holders must receive explicit authorization from the COE before proceeding with proposed mining activities.
NWPs are typically reissued for a five-year period and require appropriate mitigation, and permit holders must receive explicit authorization from the COE before proceeding with proposed mining activities.
One of the most notable changes is the incidental take coverage if there is no agreement between the state regulatory authority and the FWS at the conclusion of the dispute resolution process and the 28 Table of Contents regulatory authority issues the permit.
One of the most notable changes is the incidental take coverage if there is no agreement between the state regulatory authority and the FWS at the conclusion of the dispute resolution process and the regulatory authority issues the permit.
Mine operators must obtain SMCRA permits and permit renewals from the OSM or from the applicable state agency if the state agency has obtained primary control of administration and enforcement of the SMCRA program, or primacy.
Mine operators must obtain SMCRA permits and permit renewals from the OSM or from the applicable state agency if the state agency has 19 Table of Contents obtained primary control of administration and enforcement of the SMCRA program, or primacy.
To help retain key employees in 16 Table of Contents certain positions, our long-term incentive program awards cash or equity grants with time-based and performance-based vesting conditions. Certain key employees are also eligible to participate in our non-qualified deferred compensation plan.
To help retain key employees in certain positions, our long-term incentive program awards cash or equity grants with time-based and performance-based vesting conditions. Certain key employees are also eligible to participate in our non-qualified deferred compensation plan.
The Clean Air Act indirectly affects coal mining operations by extensively regulating air emissions of particulate matter, sulfur dioxide, nitrogen oxides, mercury and other compounds emitted by coal-fired electricity generating plants or the use of met coal in connection with steelmaking operations.
The Clean Air Act indirectly affects coal mining operations by extensively regulating air emissions of PM, sulfur dioxide, nitrogen oxides (“NOx”), mercury and other compounds emitted by coal-fired electricity generating plants or the use of met coal in connection with steelmaking operations.
(6) Proven and probable reserves as of December 31, 2024. Refer to Item 2. Properties for further information. Feasibility/pre-feasibility study not considered cost beneficial for Power Mountain complex. Aracoma – Aracoma is a mining complex located in Logan, Mingo, and Boone counties, West Virginia. The complex has three active underground mines which produce primarily High-Vol.
(6) Proven and probable reserves as of December 31, 2025. Refer to “Item 2. Properties” for further information. Feasibility/pre-feasibility study not considered cost beneficial for Power Mountain complex. Aracoma – Aracoma is a mining complex located in Logan, Mingo, and Boone counties, West Virginia. The complex has three active underground mines which produce primarily High-Vol.
It applies to business entities that do business in California if their annual revenue exceeds $500 million. Disclosure will be required on or before January 1, 2026 and biennially thereafter. The Company currently does not do business in California.
It applies to business entities that do business in California if their annual revenue exceeds $500 million. Disclosure will be required on or before January 1, 2026 and biennially thereafter. We currently do not do business in California.
In 2024, we achieved an overall Non-fatal days lost (“NFDL”) safety incident rate that was 46% better than the U.S. industry average NFDL safety incident rate per 200,000 hours worked. The industry rate is based on available data for the first three quarters of 2024 for bituminous coal and the Alpha rate reflects full year 2024.
In 2025, we achieved an overall Non-fatal days lost (“NFDL”) safety incident rate that was 38% better than the U.S. industry average NFDL safety incident rate per 200,000 hours worked. The industry rate is based on available data for the first two quarters of 2025 for bituminous coal and the Alpha rate reflects full year 2025.
For the years ended December 31, 2024 and 2023, we recorded $3.8 million and $4.6 million, respectively, of expense related to this excise tax.
For the years ended December 31, 2025 and 2024, we recorded $3.6 million and $3.8 million, respectively, of expense related to this excise tax.
This transaction accelerated our strategic exit from thermal coal production to shift our focus to met coal production. Our Mining Operations and Properties The following table provides a summary of information regarding our active and temporarily idled mining complexes as of December 31, 2024 (see also “Item 2.
This transaction accelerated our strategic exit from thermal coal production to shift our focus to met coal production. Our Mining Operations and Properties The following table provides a summary of information regarding our active and temporarily idled mining complexes as of December 31, 2025 (refer to “Item 2.
In 2024, Alpha mine rescue teams won an overall grand champion award along with several other first-place awards in both overall competition honors and technical category titles. 17 Table of Contents Refer to Exhibit 95 - Mine Safety Disclosure included as an exhibit to this Annual Report on Form 10-K for additional mine safety information.
In 2025, Alpha mine rescue teams won an overall grand champion award along with several other first-place awards in both overall competition honors and technical category titles. Refer to Exhibit 95 - Mine Safety Disclosure included as an exhibit to this Annual Report on Form 10-K for additional mine safety information.
Supreme Court heard oral argument on applications for stay of the Good Neighbor Plan, and in June 2024, the Court granted a stay of the Plan pending disposition of the applicants’ consolidated petitions for review of the plan, which remain pending before the U.S. Court of Appeals for the D.C. Circuit. • Mercury and Hazardous Air Pollutants.
Supreme Court heard oral argument on applications for stay of the Good Neighbor Plan, and in June 2024, the Court granted a stay of the Plan pending disposition of the applicants’ consolidated petitions for review of the plan, which remain pending before the U.S. Court of Appeals for the D.C.
Other states will be required to develop new plans for areas that were previously in “attainment,” but do not meet the revised standards. On December 7, 2020, the EPA announced the agency’s final decision to retain the existing National Ambient Air Quality Standards for particulate matter set by the 21 Table of Contents Obama-Biden Administrations in 2012 without changes.
Other states will be required to develop new plans for areas that were previously in “attainment,” but do not meet the revised standards. On December 7, 2020, the EPA announced the agency’s final decision to retain the existing National Ambient Air Quality Standards for PM set by the Obama-Biden Administrations in 2012 without changes.
Equipment Our plant and equipment, including underground and surface equipment, are of varying age, in good operational condition, and are regularly maintained and serviced by a dedicated maintenance workforce and third-party suppliers, including scheduled preventive maintenance. 12 Table of Contents Preparation Plants, Loadouts, and Docks The following is a summary of information regarding our active and temporarily idled preparation plants as of December 31, 2024 : Preparation Plant Year Constructed/Upgraded Processing Capacity (Tons per hour) Utilization % Power Source Bandmill 2010 1,200 67% American Electric Power Kepler 1967 900 52% American Electric Power Kingston 1974/2001 700 74% American Electric Power Marfork 1994/2019 2,400 69% American Electric Power McClure 1979/2019 1,100 53% American Electric Power Toms Creek 1980/2004 1,100 40% American Electric Power Power Mountain 1985/2010 1,200 25% American Electric Power Chess Processing (1) 1980/1998 2,200 13% American Electric Power Mammoth 1950/2008 1,200 13% American Electric Power (1) Plant was refurbished in 2023, began processing coal in the first quarter of 2024, and was temporarily idled in the fourth quarter of 2024.
Equipment Our plant and equipment, including underground and surface equipment, are of varying age, in good operational condition, and are regularly maintained and serviced by a dedicated maintenance workforce and third-party suppliers, including scheduled preventive maintenance. 12 Table of Contents Preparation Plants, Loadouts, and Docks The following is a summary of information regarding our active and temporarily idled preparation plants as of December 31, 2025 : Preparation Plant Year Constructed/Upgraded Processing Capacity (Tons per hour) Utilization % Power Source Bandmill 2010 1,200 66% American Electric Power Kepler 1967 900 53% American Electric Power Kingston 1974/2001 700 71% American Electric Power Marfork 1994/2019 2,400 65% American Electric Power McClure 1979/2019 1,100 60% American Electric Power Toms Creek 1980/2004 1,100 39% American Electric Power Power Mountain 1985/2010 1,200 23% American Electric Power Chess Processing (1) 1980/1998 2,200 —% American Electric Power Mammoth 1950/2008 1,200 9% American Electric Power (1) Plant was refurbished in 2023, began processing coal in the first quarter of 2024, and was temporarily idled in the fourth quarter of 2024.
Dredge and Fill Permits Many mining activities, including the development of settling ponds and the construction of certain sediment control structures, valley fills and surface impoundments, require permits from the U.S. Army Corps of Engineers (“COE”) under Section 404 of the CWA.
Dredge and Fill Permits Many mining activities, including the development of settling ponds and the construction of certain sediment control structures, valley fills and surface impoundments, require permits from the U.S. Army Corps of Engineers (“COE”) under Section 404 of the Clean Water Act (“CWA”).
On April 15, 2020, the EPA established a new subcategory in the MATS for electric utility steam generating units (“EGU’s”) that burn eastern bituminous coal refuse (“EBCR”). Coal refuse includes low-quality coal mixed with rock, clay and other material. The EPA is also establishing emission standards from these facilities.
On April 15, 2020, the EPA established a new subcategory in the MATS for electric utility steam generating units (“EGU’s”) that burn eastern bituminous coal refuse (“EBCR”). Coal refuse includes low-quality coal mixed with rock, clay and other material. The EPA established emission standards for facilities that burn EBCR.
As of December 31, 2024, approximately 37% of our total workforce had at least ten years of service with our Company, while approximately 26% had fifteen or more years of service with our Company. Employee Compensation and Benefits We require a skilled workforce with mining experience and proficiency as well as qualified managers and supervisors to run our business.
As of December 31, 2025, approximately 36% of our total workforce had at least ten years of service with our Company, while approximately 27% had fifteen or more years of service with our Company. Employee Compensation and Benefits We require a skilled workforce with mining experience and proficiency as well as qualified managers and supervisors to run our business.
Human Capital Resources As of December 31, 2024, we had approximately 4,040 employees, all of which were full-time employees, with 74% of our total workforce being hourly workers. Our employees were almost entirely located in the United States, with three employees located outside the United States. Approximately 97% of our total workforce was union-free as of December 31, 2024.
Human Capital Resources As of December 31, 2025, we had approximately 3,960 employees, all of which were full-time employees, with 74% of our total workforce being hourly workers. Our employees were almost entirely located in the United States, with three employees located outside the United States. Approximately 97% of our total workforce was union-free as of December 31, 2025.
In addition, when water quality in a receiving stream is of high quality, states are required to conduct an anti-degradation review before approving discharge permits. Anti-degradation policies may increase the cost, time and difficulty associated with obtaining and complying with NPDES permits and may also require more costly treatment. On March 5, 2014, the EPA, the U.S.
In addition, when water quality in a receiving stream is of high quality, states are required to conduct an anti-degradation review before approving discharge permits. Anti-degradation policies may increase the cost, time and difficulty associated with obtaining and complying with NPDES permits and may also require more costly treatment.
On December 27, 2021 (affecting Nationwide Permit numbers including 5 and 49) and January 13, 2021 (affecting Nationwide Permit numbers including 21 and 50), the COE published its final rules reissuing and modifying its Nationwide Permits. These Nationwide Permits now expire on March 14, 2026.
On December 27, 2021 (affecting NWP numbers including 5 and 49) and January 13, 2021 (affecting NWP numbers including 21 and 50), the COE published its final rules reissuing and modifying its NWPs. These NWPs now expire on March 14, 2026.
On October 15, 2020, the EPA proposed the Revised CSAPR Update rule in order to fully address 21 states’ outstanding interstate pollution transport obligations for the 2008 ozone National Ambient Air Quality Standards. The EPA finalized the Revised CSAPR Update rule on April 30, 2021.
The court directed the EPA to revise the rule to address this failure. On October 15, 2020, the EPA proposed the Revised CSAPR Update rule in order to fully address 21 states’ outstanding interstate pollution transport obligations for the 2008 ozone National Ambient Air Quality Standard. The EPA finalized the Revised CSAPR Update rule on April 30, 2021.
Production is expected to begin in late 2025. Marfork – Marfork is a mining complex located in Raleigh, Boone, Kanawha, and Fayette counties, West Virginia. The complex has three active underground mines which produce High-Vol.
Production is expected to begin in the first quarter of 2026. Marfork – Marfork is a mining complex located in Raleigh, Boone, Kanawha, and Fayette counties, West Virginia. The complex has three active underground mines which produce High-Vol.
Circuit, challenging the Good Neighbor Plan. States and industry stakeholders also challenged the EPA’s disapproval of SIP submittal for several states in the regional circuits covering those states and obtained judicial stays of the SIP disapprovals in many states.
Court of Appeals for the D.C. Circuit, challenging the Good Neighbor Plan. States and industry stakeholders also challenged the EPA’s disapproval of SIPs for several states in the regional circuits covering those states and obtained judicial stays of the SIP disapprovals in many states.
Export coal is usually sold at the loading port, with purchasers responsible for further transportation. For our export sales, we negotiate transportation agreements with various providers, including railroads, trucks, barge lines, and terminal facilities to transport shipments to the relevant loading port. We coordinate with customers, mining facilities and transportation providers to establish shipping schedules that meet each customer’s needs.
For our export sales, we negotiate transportation agreements with various providers, including railroads, trucks, barge lines, and terminal facilities to transport shipments to the relevant loading port. We coordinate with customers, mining facilities and transportation providers to establish shipping schedules that meet each customer’s needs.
In July 2018, the EPA published a final rule extending certain deadlines under the original rules, granting certain authority to states with authorized CCR programs and establishing groundwater protection standards for certain constituents. The EPA and OSM plan additional rulemaking relating to CCR.
In July 2018, the EPA published a final rule extending certain deadlines under the original rules, granting certain authority to states with authorized CCR programs and establishing groundwater protection standards for certain constituents. The EPA and OSM plan additional rulemaking relating to CCR. Most recently, the EPA issued a final rule that took effect in November 2024.
As of December 31, 2024 and 2023, our posted third-party surety bond amount in all states where we operate totaled approximately $182.8 million and $177.1 million, respectively, which was used to primarily secure the performance of our reclamation and lease obligations.
As of December 31, 2025 and 2024, our posted third-party surety bond 20 Table of Contents amount in all states where we operate totaled approximately $170.0 million and $182.8 million, respectively, which was used to primarily secure the performance of our reclamation and lease obligations.
On March 3, 2023, the Court rejected this challenge. 22 Table of Contents On March 15, 2023, the EPA issued its Good Neighbor Plan, a federal implementation plan (“FIP”) designed to replace SIPs submitted by over 20 states to implement their good neighbor obligations with respect to the 2015 ozone NAAQS.
On March 15, 2023, the EPA issued its Good Neighbor Plan, a federal implementation plan (“FIP”) designed to replace SIPs submitted by over 20 states to implement their good neighbor obligations with respect to the 2015 ozone NAAQS.
Monetary sanctions, expensive compliance measures and, in severe circumstances, criminal sanctions may be imposed for failure to comply with these laws. As of December 31, 2024, we had accrued $219.7 million for reclamation liabilities and mine closures, including $29.9 million of current liabilities.
Monetary sanctions, expensive compliance measures and, in severe circumstances, criminal sanctions may be imposed for failure to comply with these laws. As of December 31, 2025, we had accrued $227.4 million for reclamation liabilities and mine closures, including $22.6 million of current liabilities.
For each of the years ended December 31, 2024 and 2023, we recorded $2.0 million of expense related to these fees.
For the years ended December 31, 2025 and 2024, we recorded $1.8 million and $2.0 million, respectively, of expense related to these fees.
EPA), which resulted in the court upholding the rule with the exception of the secondary NAAQS standards addressing protection of animals, crops and vegetation, which were sent back to the EPA for further consideration.
Circuit challenged the EPA’s 2015 Ozone NAAQS (Murray Energy Corp. v. EPA), which resulted in the court upholding the rule with the exception of the secondary NAAQS standards addressing protection of animals, crops and vegetation, which were sent back to the EPA for further consideration.
Our met coal sales are typically made to customers with whom we have a long-term relationship. Domestic met customers typically enter into one-year agreements with a fixed price for the entire contract year. Any longer-term agreement would generally have a renegotiation of price each subsequent contract year. Export sales are generally made on an annual, quarterly, or spot cargo basis.
Domestic met customers typically enter into one-year agreements with a fixed price for the entire contract year. Any longer-term agreement would generally have a renegotiation of price each subsequent contract year. Export sales are generally made on an annual, quarterly, or spot cargo basis. Annual and quarterly agreements typically have market-indexed pricing that changes with the market monthly.
In 2006, in response to underground mine accidents, Congress enacted the Mine Improvement and New Emergency Response Act (the “MINER Act”). The MINER Act significantly amended the Mine Act, requiring, among other items, improvements in mine safety practices, increasing criminal penalties and establishing a maximum civil penalty for non-compliance, and expanding the scope of federal oversight, inspection and enforcement activities.
The MINER Act significantly amended the Mine Act, requiring, among other items, improvements in mine safety practices, increasing criminal penalties and establishing a maximum civil penalty for non-compliance, and expanding the scope of federal oversight, inspection and enforcement activities.
Further, if we were ever found to be in violation of these regulations, we could face penalties or restrictions that may materially and adversely affect our operations, financial results and liquidity.
Our compliance with these or any other new health and safety regulations could increase our mining costs substantially. Further, if we were ever found to be in violation of these regulations, we could face penalties or restrictions that may materially and adversely affect our operations, financial results and liquidity.
An industry group challenged the Revised CSAPR Update rule in the U.S. Court of Appeals for the District of Columbia.
An industry group challenged the Revised CSAPR Update rule in the U.S. Court of Appeals for the District of Columbia. On March 3, 2023, the Court rejected this challenge.
The mine, which will produce a Low-Vol. quality met coal, is expected to begin production late in 2025. In November 2024, due to a softening in the met coal pricing environment, we temporarily idled our Elk Run mining complex. Its Checkmate Powellton mine, which had recently begun production and had not yet reached planned production levels, had relatively higher costs.
In November 2024, due to a softening in the met coal pricing environment, we temporarily idled our Elk Run mining complex. Its Checkmate Powellton mine, which had recently begun production and had not yet reached planned production levels, had relatively higher costs. The mine is being maintained and is expected to be restarted once market conditions improve.
Our History We were formed in 2016 to acquire and operate certain of Alpha Natural Resources, Inc.’s former core coal operations, as part of the Alpha Natural Resources, Inc.
Our History We were formed in 2016 to acquire and operate certain of Alpha Natural Resources, Inc.’s former core coal operations, as part of the Alpha Natural Resources, Inc. Plan of Reorganization. On November 9, 2018, we merged with Alpha Natural Resources Holdings, Inc. and ANR, Inc.
The outcome of these rulemakings could materially adversely affect our cost or ability to conduct our mining operations. 29 Table of Contents Other Environmental Laws We are required to comply with numerous other federal, state and local environmental laws and regulations in addition to those previously discussed.
Additional requirements may include tracking and verifications for each transaction related to ammonium nitrate. The outcome of these rulemakings could materially adversely affect our cost or ability to conduct our mining operations. Other Environmental Laws We are required to comply with numerous other federal, state and local environmental laws and regulations in addition to those previously discussed.
In the met coal market, of the approximately 73.1 million tons produced in the U.S. in 2024, we produced approximately 14.6 million tons, or 20%. A significant portion of U.S. met coal production is shipped internationally, where it competes directly with international sources of production. Approximately 77% of our met coal tons sold were shipped internationally in 2024.
A significant portion of U.S. met coal production is shipped internationally, where it competes directly with international sources of production. Approximately 76% and 77% of our met coal tons sold were shipped internationally in 2025 and 2024, respectively. We produced approximately 1.2 million tons of thermal coal in 2025.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Ambassador to the United Nations to submit formal written notification of the United States’ withdrawal from the Paris Agreement; • the EPA’s regulations to reduce the transport of nitrogen oxide and ozone on prevailing winds from the Midwest and South U.S. to states in the Northeast; • proposed EPA regulations to increase the stringency of the National Ambient Air Quality Standards for particulate matter emissions; • the EPA's February 2024 regulations increasing the stringency of the National Ambient Air Quality Standards for the primary (health-based) annual standard for PM2.5; • state and regional climate change initiatives implementing renewable portfolio standards or cap-and-trade schemes; • challenges to or denials of permits for new coal-fired power plants or retrofits to existing plants by state regulators and environmental organizations due to concerns related to GHG emissions from the new or existing plants; 37 Table of Contents • private litigation against coal companies or power plant operators based on GHG-related concerns; • the Glasgow Climate Pact resulting from the 2021 United Nations Climate Change Conference (COP26) held from October 31 to November 13, 2021, which, though not legally binding, contains a plan to reduce use of coal by 40%; and • the agreement of the participating countries at the 2023 COP28 conference to call on governments worldwide to speed up the transition away from fossil fuels to renewables such as wind and solar power.
Ambassador to the United Nations to submit formal written notification of the United States’ withdrawal from the Paris Agreement; • the EPA’s regulations to reduce the transport of nitrogen oxide and ozone on prevailing winds from the Midwest and South U.S. to states in the Northeast; • proposed EPA regulations to increase the stringency of the National Ambient Air Quality Standards for particulate matter emissions; 36 Table of Contents • the EPA's February 2024 regulations increasing the stringency of the National Ambient Air Quality Standards for the primary (health-based) annual standard for PM2.5; • state and regional climate change initiatives implementing renewable portfolio standards or cap-and-trade schemes; • challenges to or denials of permits for new coal-fired power plants or retrofits to existing plants by state regulators and environmental organizations due to concerns related to GHG emissions from the new or existing plants; • private litigation against coal companies or power plant operators based on GHG-related concerns; • the Glasgow Climate Pact resulting from the 2021 United Nations Climate Change Conference (COP26) held from October 31 to November 13, 2021, which, though not legally binding, contains a plan to reduce use of coal by 40%; and • the agreement of the participating countries at the 2023 COP28 conference to call on governments worldwide to speed up the transition away from fossil fuels to renewables such as wind and solar power.
Those prices depend upon factors beyond our control (some of which are described in more detail in other risk factors below), including but not limited to: • the demand for domestic and foreign coal and coke, which depends significantly on the demand for steel; • the price and availability of natural gas, other alternative fuels and alternative steel production technologies; • domestic and foreign economic conditions, including economic downturns and the strength of the global and U.S. economies; • the consumption pattern of industrial customers; • factors affecting the timely delivery of our products to customers; • the proximity to and availability, reliability and cost of transportation and port facilities; • the legal, regulatory and tax environment for our industry and those of our customers; • the quantity, quality and pricing of coal available in the resale market; • the effects of emissions control measures; • adverse weather, climatic or other natural conditions, natural disasters, epidemics, pandemics and other public health challenges; and • competition from other suppliers of coal and other energy sources. 32 Table of Contents A period of sustained low coal prices in the U.S. and other countries would materially adversely affect our operating results and cash flows, as well as the value of our coal reserves, and would cause a number of other risks that we face to increase in likelihood, magnitude and duration.
Those prices depend upon factors beyond our control (some of which are described in more detail in other risk factors below), including but not limited to: • the demand for domestic and foreign coal and coke, which depends significantly on the demand for steel; • the price and availability of natural gas, other alternative fuels and alternative steel production technologies; • domestic and foreign economic conditions, including economic downturns and the strength of the global and U.S. economies; • the consumption pattern of industrial customers; • factors affecting the timely delivery of our products to customers; • the proximity to and availability, reliability and cost of transportation and port facilities; • the legal, regulatory and tax environment for our industry and those of our customers; • the quantity, quality and pricing of coal available in the resale market; • the effects of emissions control measures; • adverse weather, climatic or other natural conditions, natural disasters, epidemics, pandemics and other public health challenges; and • competition from other suppliers of coal and other energy sources. 31 Table of Contents A period of sustained low coal prices in the U.S. and other countries would materially adversely affect our operating results and cash flows, as well as the value of our coal reserves, and would cause a number of other risks that we face to increase in likelihood, magnitude and duration.
Adverse operating conditions and events that we have experienced in the past and/or may experience in the future include: • changes or variations in geologic, hydrologic or other conditions, such as the thickness of the coal deposits and the amount of rock, clay or other non-coal material embedded in or overlying the coal deposit; • mining, processing and loading equipment failures and unexpected maintenance problems; • limited availability or increased costs of mining, processing and loading equipment and parts and other materials from suppliers; • difficulties associated with mining under or around surface obstacles; • unfavorable conditions with respect to proximity to and availability, reliability and cost of transportation facilities; • adverse weather and natural disasters, such as heavy snows, heavy rains and flooding, lightning strikes, hurricanes or earthquakes; • accidental mine water discharges, coal slurry releases and failures of an impoundment or refuse area, including inadvertent environmental impacts to the local community; • mine safety accidents, including fires and explosions from methane and other sources; • hazards or occurrences that could result in personal injury and loss of life; • a shortage of skilled and unskilled labor; • security breaches, cyber attacks or terroristic acts; • strikes and other labor-related interruptions; • delays or difficulties in, the unavailability of, or unexpected increases in the cost of acquiring, developing or permitting new acquisitions from the federal government and other new mining reserves and surface rights; • competition and/or conflicts with other natural resource extraction activities and production within our operating areas; • the termination of material contracts by state or other governmental authorities; and • fatalities, personal injuries or property damage arising from train derailments, mined material or overburden leaving permit boundaries, underground mine blowouts, impoundment failures, subsidence or other unexpected incidents.
Adverse operating conditions and events that we have experienced in the past and/or may experience in the future include: • changes or variations in geologic, hydrologic or other conditions, such as the thickness of the coal deposits and the amount of rock, clay or other non-coal material embedded in or overlying the coal deposit; • mining, processing and loading equipment failures and unexpected maintenance problems; • limited availability or increased costs of mining, processing and loading equipment and parts and other materials from suppliers; • difficulties associated with mining under or around surface obstacles; • unfavorable conditions with respect to proximity to and availability, reliability and cost of transportation facilities; 40 Table of Contents • adverse weather and natural disasters, such as heavy snows, heavy rains and flooding, lightning strikes, hurricanes or earthquakes; • accidental mine water discharges, coal slurry releases and failures of an impoundment or refuse area, including inadvertent environmental impacts to the local community; • mine safety accidents, including fires and explosions from methane and other sources; • hazards or occurrences that could result in personal injury and loss of life; • a shortage of skilled and unskilled labor; • security breaches, cyber attacks or terroristic acts; • strikes and other labor-related interruptions; • delays or difficulties in, the unavailability of, or unexpected increases in the cost of acquiring, developing or permitting new acquisitions from the federal government and other new mining reserves and surface rights; • competition and/or conflicts with other natural resource extraction activities and production within our operating areas; • the termination of material contracts by state or other governmental authorities; and • fatalities, personal injuries or property damage arising from train derailments, mined material or overburden leaving permit boundaries, underground mine blowouts, impoundment failures, subsidence or other unexpected incidents.
The following factors, among others, could affect our stock price: • our operating and financial performance, including reserve estimates; • an unexpected mine or environmental incident; • quarterly variations in the rate of growth of our financial indicators, such as net income per share, net income and revenues; • the public reaction to our press releases, our other public announcements and our filings with the SEC; • strategic actions by our competitors; • changes in revenue or earnings estimates, or changes in recommendations or withdrawal of research coverage, by equity research analysts; • speculation in the press or investment community; • research analysts’ coverage of our common stock, or their failure to cover our common stock; • sales of our common stock by us, our directors or officers or the selling stockholders or the perception that such sales may occur; • our payment of dividends; • changes in accounting principles, policies, guidance, interpretations or standards; • additions or departures of key management personnel; • actions by our stockholders; • general market conditions, including fluctuations in commodity prices; 51 Table of Contents • public sentiment regarding climate change and fossil fuels; • domestic and international economic, legal and regulatory factors unrelated to our performance; and • the realization of any of the other risks described under this “Risk Factors” section or described elsewhere in this document.
The following factors, among others, could affect our stock price: • our operating and financial performance, including reserve estimates; • an unexpected mine or environmental incident; • quarterly variations in the rate of growth of our financial indicators, such as net income per share, net income and revenues; • the public reaction to our press releases, our other public announcements and our filings with the SEC; • strategic actions by our competitors; • changes in revenue or earnings estimates, or changes in recommendations or withdrawal of research coverage, by equity research analysts; • speculation in the press or investment community; • research analysts’ coverage of our common stock, or their failure to cover our common stock; • sales of our common stock by us, our directors or officers or the selling stockholders or the perception that such sales may occur; • our payment of dividends; • changes in accounting principles, policies, guidance, interpretations or standards; • additions or departures of key management personnel; • actions by our stockholders; • general market conditions, including fluctuations in commodity prices; • public sentiment regarding climate change and fossil fuels; • domestic and international economic, legal and regulatory factors unrelated to our performance; and • the realization of any of the other risks described under this “Risk Factors” section or described elsewhere in this document.
Risks inherent in these strategic transactions include, but are not limited to: • accurately assessing the geological conditions of acquired properties; • the ability to obtain and maintain surety bonds, at acceptable rates, related to acquired properties and other obligations; • uncertainties in assessing the value, strengths, and potential profitability, and identifying the extent of all weaknesses, risks, contingent liabilities and other liabilities of acquisition candidates and strategic partners; • the potential loss of key customers, management and employees of an acquired business; • the ability to achieve identified operating and financial synergies from an acquisition or other strategic transactions in the amounts and on the time frame due to inaccurate assumptions underlying estimates of expected cost savings, the deterioration of general industry and business conditions, unanticipated legal, insurance and financial compliance costs, or other factors; • the ability of management to manage successfully our exposure to pending and potential litigation and regulatory obligations; • the ability of a purchaser to complete the transfer of operating permits related to our divested operations and to otherwise properly fulfill all assumed contractual, legal and regulatory obligations; • unanticipated increases in competition that limit our ability to expand our business or capitalize on expected business opportunities, including retaining current customers; and • unanticipated changes in business, industry, market, or general economic conditions that differ from the assumptions underlying our rationale for pursuing the acquisition or other strategic transactions.
Risks inherent in these strategic transactions include, but are not limited to: • accurately assessing the geological conditions of acquired properties; • the ability to obtain and maintain surety bonds, at acceptable rates, related to acquired properties and other obligations; • uncertainties in assessing the value, strengths, and potential profitability, and identifying the extent of all weaknesses, risks, contingent liabilities and other liabilities of acquisition candidates and strategic partners; 46 Table of Contents • the potential loss of key customers, management and employees of an acquired business; • the ability to achieve identified operating and financial synergies from an acquisition or other strategic transactions in the amounts and on the time frame due to inaccurate assumptions underlying estimates of expected cost savings, the deterioration of general industry and business conditions, unanticipated legal, insurance and financial compliance costs, or other factors; • the ability of management to manage successfully our exposure to pending and potential litigation and regulatory obligations; • the ability of a purchaser to complete the transfer of operating permits related to our divested operations and to otherwise properly fulfill all assumed contractual, legal and regulatory obligations; • unanticipated increases in competition that limit our ability to expand our business or capitalize on expected business opportunities, including retaining current customers; and • unanticipated changes in business, industry, market, or general economic conditions that differ from the assumptions underlying our rationale for pursuing the acquisition or other strategic transactions.
A period of sustained low demand for metallurgical coal (or “met coal”) by U.S. and foreign customers and the potential for negative trade impacts resulting from changing tariff policies could reduce the price of our coal, which would reduce our revenues.
A period of sustained low demand for metallurgical coal (or “met coal”) by U.S. and foreign customers and the potential for negative trade impacts resulting from changing and unpredictable tariff policies could reduce the price of our coal, which would reduce our revenues.
Proposed SEC GHG reporting rules have been stayed by federal courts and, under the new Trump administration, the SEC has determined not to defend the rules in court, but there can be no assurances that federal climate rules will not be enforced.
Proposed SEC GHG reporting rules have been stayed by federal courts and, under the Trump administration, the SEC has determined not to defend the rules in court, but there can be no assurances that federal climate rules will not be enforced.
For example: • During the COVID-19 pandemic, global supply chain disruptions, including COVID-19-related factory closures and port congestion reduced our ability to obtain some materials used in our operations, reduced the demand for steel, and therefore for met coal, and affected railroad and other transportation systems. • The Chinese government has from time to time implemented regulations and promulgated new laws or restrictions on its domestic coal industry, sometimes with little advance notice, which may affect worldwide coal demand, supply and prices. • Although we do not have assets in the Middle East, we do have customers in the region, and if the scope of the ongoing conflicts in that region were to expand materially, the international transport of some goods could become more difficult, even to certain areas outside the Middle East, and shipping costs could increase substantially.
For example: • The Chinese government has from time to time implemented regulations and promulgated new laws, policies or restrictions on its domestic coal and steel industries, sometimes with little advance notice, which may affect worldwide coal demand, supply and prices. • During the COVID-19 pandemic, global supply chain disruptions, including COVID-19-related factory closures and port congestion reduced our ability to obtain some materials used in our operations, reduced the demand for steel, and therefore for met coal, and affected railroad and other transportation systems. • Although we do not have assets in the Middle East, we do have customers in the region, and if the scope of the ongoing conflicts in that region were to expand materially, the international transport of some goods could become more difficult, even to certain areas outside the Middle East, and shipping costs could increase substantially.
As detailed in the following pages, these risks include, but are not limited to, the following: • Risks relating to our industry and the global economy , such as those associated with declines in coal prices, loss of customers, our ability to obtain financing and other services, competition, decreased demand for coal, customer creditworthiness and global economic disruptions. • Risks relating to regulatory and legal developments , such as those associated with regulatory requirements and costs, healthcare regulations and costs, permit approvals, climate change regulations, social and governance initiatives and regulations, environmental laws and treaties, unfavorable tax actions, decreased demand for energy, environmental cleanup costs and maintenance of internal controls. • Risks relating to our operations , such as those associated with mining and other conditions, many of which are beyond our control, decreased demand for coal, disruptions in transportation services, the availability of skilled workers, higher than estimated employee benefit costs, the availability of coal reserves, equipment availability, equipment breakdown, higher than anticipated property reclamation or mine closure costs, unionization, cybersecurity, artificial intelligence, the complexity of mining in Central Appalachia, our dependence upon third parties and our ability to make capital investments. • Risks relating to our liquidity , such as our ability to obtain or renew surety bonds, our need to maintain capacity for required letters of credit (“LCs”), limitations imposed on us by our borrowing arrangements or any future debt instruments and access to funds when needed. • Risks relating to the ownership of our common stock , such as those associated with compliance with securities laws, the availability of an orderly trading market for our common stock, our ability to repurchase common shares, as the Board may determine from time to time, dilution or other effects resulting from the issuance of additional securities, impediments to our acquisition by a third party and limited fora for stockholder litigation matters.
As detailed in the following pages, these risks include, but are not limited to, the following: • Risks relating to our industry and the global economy , such as those associated with low coal prices, loss of customers, tariffs and other trade restrictions, our ability to obtain financing and other services, competition, decreased demand for coal, customer creditworthiness and global economic disruptions. • Risks relating to regulatory and legal developments , such as those associated with regulatory requirements and costs, healthcare regulations and costs, permit approvals, climate change regulations, social and governance initiatives and regulations, environmental laws and treaties, unfavorable tax actions, decreased demand for energy, environmental cleanup costs and maintenance of internal controls. • Risks relating to our operations , such as those associated with mining and other conditions, many of which are beyond our control, disruptions in transportation services, the availability of skilled workers, higher than estimated employee benefit costs, the availability of coal reserves, equipment availability, equipment breakdown, higher than anticipated property reclamation or mine closure costs, unionization, cybersecurity, artificial intelligence, the complexity of mining in Central Appalachia, our dependence upon third parties and our ability to make capital investments. • Risks relating to our liquidity , such as our ability to obtain or renew surety bonds, our need to maintain capacity for required letters of credit (“LCs”), limitations imposed on us by our borrowing arrangements or any future debt instruments and access to funds when needed. • Risks relating to the ownership of our common stock , such as those associated with compliance with securities laws, the availability of an orderly trading market for our common stock, our ability to repurchase common shares, as the Board may determine from time to time, dilution or other effects resulting from the issuance of additional securities, impediments to our acquisition by a third party and limited fora for stockholder litigation matters.
Retaliatory tariffs by foreign nations have already limited international trade and may adversely impact global economic conditions. Additional or augmented tariffs proposed and enacted under the new Trump administration could in turn provoke additional retaliatory tariffs.
Retaliatory tariffs by foreign nations have already limited international trade and may adversely impact global economic conditions. Additional or augmented tariffs proposed and enacted under the Trump administration could in turn provoke additional retaliatory tariffs.
Our bylaws provide, subject to limited exceptions, that the Court of Chancery of the State of Delaware is, to the fullest extent permitted by law, the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders; (iii) any action asserting a claim against us, any director or our officers or employees arising pursuant to any provision of the Delaware General Corporation Law, our certificate of incorporation (including any certificate of designations relating to any class or series of preferred stock) or our bylaws; or (iv) any action asserting a claim against us, any director or 52 Table of Contents our officers or employees that is governed by the internal affairs doctrine.
Our bylaws provide, subject to limited exceptions, that the Court of Chancery of the State of Delaware is, to the fullest extent permitted by law, the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders; (iii) any action asserting a claim against us, any director or our officers or employees arising pursuant to any provision of the Delaware General Corporation Law, our certificate of incorporation (including any certificate of designations relating to any class or series of preferred stock) or our bylaws; or (iv) any action asserting a claim against us, any director or our officers or employees that is governed by the internal affairs doctrine.
The terms of our ABL Facility impose operating and financial restrictions on us, which may limit our ability to respond to changing business and economic conditions. Under the ABL Facility, we may borrow cash or obtain LCs, on a revolving basis, in an aggregate amount of up to $155.0 million.
The terms of our ABL Facility impose operating and financial restrictions on us, which may limit our ability to respond to changing business and economic conditions. Under the ABL Facility, we may borrow cash or obtain LCs, on a revolving basis, in an aggregate amount of up to $225.0 million.
Any failure to comply with those covenants may constitute a breach under the ABL Facility that could result in the acceleration of all or a substantial portion of any outstanding indebtedness and termination of revolving credit commitments under the ABL Facility. As of December 31, 2024, we are in compliance with the operating and financial covenants under the ABL Facility.
Any failure to comply with those covenants may constitute a breach under the ABL Facility that could result in the acceleration of all or a substantial portion of any outstanding indebtedness and termination of revolving credit commitments under the ABL Facility. As of December 31, 2025, we are in compliance with the operating and financial covenants under the ABL Facility.
In the states where we operate, applicable laws and regulations also provide that a mining permit or modification can, under certain circumstances, be delayed, refused or revoked if we or any entity that owns or controls or is under common ownership or control with us or is determined to be linked to us under OSM’s AVS, have unabated permit violations or have been the subject of permit or reclamation bond revocation or suspension.
In the states where we operate, applicable laws and regulations also provide that a mining permit or 38 Table of Contents modification can, under certain circumstances, be delayed, refused or revoked if we or any entity that owns or controls or is under common ownership or control with us or is determined to be linked to us under OSM’s AVS, have unabated permit violations or have been the subject of permit or reclamation bond revocation or suspension.
Future disruptions of this sort, and in particular the tightening of credit in financial markets or any other disruption that negatively affects global economic growth, could adversely affect our customers’ ability to obtain financing for operations and result in a decrease in demand, lower coal prices, the cancellation of some orders for our coal and the restructuring of agreements with some of our customers.
Future disruptions of this sort, and in particular the tightening of credit in financial markets or any other disruption that negatively affects global economic growth, could adversely affect our customers’ ability to obtain financing for operations and 33 Table of Contents result in a decrease in demand, lower coal prices, the cancellation of some orders for our coal and the restructuring of agreements with some of our customers.
These proposals have included, but are not limited to: (1) the elimination of current deductions, the 60-month amortization period and the 10-year amortization period for exploration and development costs relating to coal and other hard mineral fossil fuels, (2) the repeal of the percentage depletion allowance with respect to coal properties and (3) the repeal of capital gains 40 Table of Contents treatment of coal and lignite royalties.
These proposals have included, but are not limited to: (1) the elimination of current deductions, the 60-month amortization period and the 10-year amortization period for exploration and development costs relating to coal and other hard mineral fossil fuels, (2) the repeal of the percentage depletion allowance with respect to coal properties and (3) the repeal of capital gains treatment of coal and lignite royalties.
Our workforce could become increasingly unionized in the future and our unionized or union-free workforce could strike, which could adversely affect the stability of our production and reduce our profitability. Approximately 97% of our total workforce and approximately 96% of our hourly workforce was union-free as of December 31, 2024.
Our workforce could become increasingly unionized in the future and our unionized or union-free workforce could strike, which could adversely affect the stability of our production and reduce our profitability. Approximately 97% of our total workforce and approximately 96% of our hourly workforce was union-free as of December 31, 2025.
For example, indebtedness could: • make it more difficult for us to pay or refinance our debts as they become due during adverse economic and industry conditions because any related decrease in revenues could cause us to not have sufficient cash flows from operations to make our scheduled debt payments; • force us to seek additional capital, restructure or refinance our debts, or sell assets; • cause us to be less able to take advantage of significant business opportunities such as acquisition opportunities and to react to changes in market or industry conditions; • cause us to use a portion of our cash flow from operations for debt service, reducing the availability of working capital and delaying or preventing investments, capital expenditures, research and development and other business activities; • cause us to be more vulnerable to general adverse economic and industry conditions; • expose us to the risk of increased interest rates because certain of our borrowings are at variable rates of interest; • expose us to the risk of foreclosure on substantially all of our assets and those of most of our subsidiaries, which secure certain of our indebtedness if we default on payment or are unable to comply with covenants or restrictions in any of the agreements; • limit our ability to borrow additional monies in the future to fund working capital, capital expenditures and other general corporate purposes; and • result in a downgrade in the credit ratings of our indebtedness, which could harm our ability to incur additional indebtedness and result in more restrictive borrowing terms, including increased borrowing costs and more restrictive covenants, all of which could affect our internal cost of capital estimates and therefore impact operational and investment decisions.
For example, indebtedness could: • make it more difficult for us to pay or refinance our debts as they become due during adverse economic and industry conditions because any related decrease in revenues could cause us to not have sufficient cash flows from operations to make our scheduled debt payments; • force us to seek additional capital, restructure or refinance our debts, or sell assets; • cause us to be less able to take advantage of significant business opportunities such as acquisition opportunities and to react to changes in market or industry conditions; • cause us to use a portion of our cash flow from operations for debt service, reducing the availability of working capital and delaying or preventing investments, capital expenditures, research and development and other business activities; • cause us to be more vulnerable to general adverse economic and industry conditions; • expose us to the risk of increased interest rates because certain of our borrowings are at variable rates of interest; • expose us to the risk of foreclosure on substantially all of our assets and those of most of our subsidiaries, which secure certain of our indebtedness if we default on payment or are unable to comply with covenants or restrictions in any of the agreements; • limit our ability to borrow additional monies in the future to fund working capital, capital expenditures and other general corporate purposes; and • result in a downgrade in the credit ratings of our indebtedness, which could harm our ability to incur additional indebtedness and result in more restrictive borrowing terms, including increased borrowing costs and more restrictive covenants, all of which could affect our internal cost of capital estimates and therefore impact operational and investment decisions. 49 Table of Contents We may incur additional secured or unsecured indebtedness in the future, subject to compliance with covenants in any existing debt agreements.
Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of the common stock, as the Board may determine. Provisions in our organizational documents and the instruments governing our debt may discourage a takeover attempt, even if doing so might be beneficial to our stockholders.
Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of the common stock, as the Board may determine. 51 Table of Contents Provisions in our organizational documents and the instruments governing our debt may discourage a takeover attempt, even if doing so might be beneficial to our stockholders.
Lower demand for met coal in international markets would reduce the amount of met coal that we sell and the prices that we receive for it, thereby reducing our revenues and adversely impacting our earnings and the value of our coal reserves.
Lower demand for met coal in international markets for any reason would reduce the amount of met coal that we sell and the prices that we receive for it, thereby reducing our revenues and adversely impacting our earnings and the value of our coal reserves.
These tariffs led to generally higher rates of steel production in the U.S. and therefore greater domestic demand for met coal. However, Alpha’s export customers include foreign steel producers who may be affected by these and similar tariffs to the extent their imports into the U.S. are curtailed as a result of tariffs.
These tariffs may lead to generally higher rates of steel production in the U.S. and therefore greater domestic demand for met coal. However, Alpha’s export customers include foreign steel producers who may be markedly affected by these and similar tariffs to the extent their imports into the U.S. are curtailed as a result of tariffs.
If such a concurrent loss of large customers or a significant reduction in our sales volume to customers were to happen, our revenues and profitability could be materially and adversely affected. 33 Table of Contents Competition within the coal industry may adversely affect our ability to sell coal, and excess production capacity in the industry could put downward pressure on coal prices.
If such a concurrent loss of large customers or a significant reduction in our sales volume to customers were to happen, our revenues and profitability could be materially and adversely affected. Competition within the coal industry may adversely affect our ability to sell coal, and excess production capacity in the industry could put downward pressure on coal prices.
Even if we were able to obtain new financing, it may not be on commercially reasonable terms or on terms that are acceptable to us. If our debt is in default for any reason, our business, financial condition, results of operations and cash flows could be materially and adversely affected.
Even if we were able to obtain new 48 Table of Contents financing, it may not be on commercially reasonable terms or on terms that are acceptable to us. If our debt is in default for any reason, our business, financial condition, results of operations and cash flows could be materially and adversely affected.
Mining in Central Appalachia is more complex and involves more regulatory constraints than mining in other areas of the U.S., which could affect our mining operations and cost structures in these areas. The geological characteristics of Central Appalachian coal reserves, such as depth of overburden and coal seam thickness, make them complex and costly to mine.
Mining in Central Appalachia is more complex and involves more regulatory constraints than mining in other areas of the U.S., which could affect our mining operations and cost structures in these areas. 45 Table of Contents The geological characteristics of Central Appalachian coal reserves, such as depth of overburden and coal seam thickness, make them complex and costly to mine.
In addition, our coal supply agreements typically contain force majeure provisions allowing temporary suspension of performance by us or the customer during specified events beyond the control of the affected party. As a result of these issues, we may not achieve the revenue or profit we expect to achieve from our coal supply agreements.
In addition, our coal supply agreements typically contain force majeure provisions allowing temporary suspension of performance by us or the customer during specified events beyond the control of 47 Table of Contents the affected party. As a result of these issues, we may not achieve the revenue or profit we expect to achieve from our coal supply agreements.
The Board is not legally obligated or required to declare dividends on our common stock even if we have funds available for that purpose. In addition, even if the Board wishes to declare a dividend, we cannot make payments of cash in respect of dividends to the extent such payments are not permitted under Delaware law.
The Board is not legally obligated or required to declare dividends on our 50 Table of Contents common stock even if we have funds available for that purpose. In addition, even if the Board wishes to declare a dividend, we cannot make payments of cash in respect of dividends to the extent such payments are not permitted under Delaware law.
Our profitability depends substantially on our ability to mine in a cost-effective manner coal reserves of the quality our customers need. Although we have coal reserves that we believe could support current production levels for more than a decade, estimating the size and quality of reserves requires significant judgment and could prove to be inaccurate.
Our profitability depends substantially on our ability to mine in a cost-effective manner coal reserves of the quality our customers need. Although we have coal reserves that we believe could support current production levels for approximately a decade, estimating the size and quality of reserves requires significant judgment and could prove to be inaccurate.
If we are unable to acquire surface rights to access our coal reserves, we may be unable to obtain a permit to mine coal we own and may be required to employ expensive techniques to mine around those sections of land we cannot access in order to 45 Table of Contents access other sections of coal reserves, which could materially and adversely affect our business and our results of operations.
If we are unable to acquire surface rights to access our coal reserves, we may be unable to obtain a permit to mine coal we own and may be required to employ expensive techniques to mine around those sections of land we cannot access in order to access other sections of coal reserves, which could materially and adversely affect our business and our results of operations.
In particular, the Clean Air Act and similar state and local laws extensively regulate the amount of sulfur dioxide, particulate matter, nitrogen 38 Table of Contents oxides, mercury and other compounds emitted into the air from fossil fuel fired power plants, which are the largest end-users of our thermal coal.
In particular, the Clean Air Act and similar state and local laws extensively regulate the amount of sulfur dioxide, particulate matter, nitrogen oxides, mercury and other compounds emitted into the air from fossil fuel fired power plants, which are the largest end-users of our thermal coal.
In addition, significant changes from period to period could result in significant variability in our operating results, which could reduce comparability between periods and impact our liquidity. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” for a description of our estimated costs of these liabilities.
In addition, significant changes from period to period could result in significant variability in our operating results, which could reduce comparability between periods and impact our liquidity. Refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” for a description of our estimated costs of these liabilities.
Consequently, currency fluctuations could adversely affect the competitiveness of our coal in international markets, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. See “Item 1. Business—Competition.” Similarly, currency fluctuations could adversely affect demand for U.S. steel.
Consequently, currency fluctuations could adversely affect the competitiveness of our coal in international markets, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. Refer to “Item 1. Business—Competition.” Similarly, currency fluctuations could adversely affect demand for U.S. steel.
Our liability for such claims 35 Table of Contents may be joint and several, so that we may be held responsible for more than our share of the contamination or other damages, or even for the entire share. We operate and maintain a number of coal slurry impoundments. These impoundments are subject to extensive regulation.
Our liability for such claims may be joint and several, so that we may be held responsible for more than our share of the contamination or other damages, or even for the entire share. We operate and maintain a number of coal slurry impoundments. These impoundments are subject to extensive regulation.
The ongoing military conflict between Russia and Ukraine has resulted in substantial sanctions upon Russia and certain supply and market disruptions, particularly in energy markets. Many governments have banned imports from Russia, including commodities such as oil, natural gas and coal. These events have caused volatility in commodity markets.
The ongoing war between Russia and Ukraine has resulted in substantial sanctions upon Russia and certain supply and market disruptions, particularly in energy markets. Many governments have banned imports from Russia, including commodities such as oil, natural gas and coal. These events have caused volatility in commodity markets.
Risks Relating to Our Industry and the Global Economy Declines in coal prices would adversely affect our revenues, operating results, cash flows, financial condition, stock price and the value of our coal reserves. Our results of operations depend substantially upon the prices we receive for our coal.
Risks Relating to Our Industry and the Global Economy Declines in coal prices and/or sustained low prices would adversely affect our revenues, operating results, cash flows, financial condition, stock price and the value of our coal reserves. Our results of operations depend substantially upon the prices we receive for our coal.
Expenditures for certain employee benefits could be materially higher than we have anticipated, which could increase our costs and adversely affect our financial results. We are responsible for certain liabilities under a variety of benefit plans and other arrangements with employees.
Expenditures for certain employee benefits could be materially higher than we have anticipated, which could increase our costs and adversely affect our financial results. 41 Table of Contents We are responsible for certain liabilities under a variety of benefit plans and other arrangements with employees.
Disruptions in transportation services or port facilities, and increased transportation costs, could impair our ability to supply coal to our customers, reduce demand and adversely affect our business. For the year ended December 31, 2024, 90% of our coal volume was transported from our shipping points to a vessel loading point or customer location by rail.
Disruptions in transportation services or port facilities, and increased transportation costs, could impair our ability to supply coal to our customers, reduce demand and adversely affect our business. For the year ended December 31, 2025, 89% of our coal volume was transported from our shipping points to a vessel loading point or customer location by rail.
In addition, purchasers of our met coal may increasingly be required to implement costly new emissions and other technologies, thereby increasing the risk we bear for customer payment default. For the year ended December 31, 2024 we derived 78% of our coal revenues from coal sales made to customers outside the U.S.
In addition, purchasers of our met coal may increasingly be required to implement costly new emissions and other technologies, thereby increasing the risk we bear for customer payment default. For the year ended December 31, 2025 we derived 73% of our coal revenues from coal sales made to customers outside the U.S.
Further, as cybersecurity attacks continue to evolve, we may be required to expend additional resources to continue to modify or enhance our protective measures or to investigate and remediate any vulnerability to cybersecurity attacks. If the assumptions underlying our accruals for reclamation and mine closure obligations prove to be inaccurate, we could be required to expend greater amounts than anticipated.
Further, as cybersecurity attacks continue to evolve, we may be required to expend additional resources to continue to modify or enhance our protective measures or to investigate and remediate any vulnerability to cybersecurity attacks. 43 Table of Contents If the assumptions underlying our accruals for reclamation and mine closure obligations prove to be inaccurate, we could be required to expend greater amounts than anticipated.
A decline in demand for met coal relative to thermal coal could cause us to shift coal from the met market to the thermal market, thereby reducing our revenues and profitability. Our business may be adversely affected if we are unable to timely develop or acquire additional coal reserves that are economically recoverable.
A decline in demand for met coal relative to thermal coal could cause us to shift coal from the met market to the thermal market, thereby reducing our revenues and profitability. 44 Table of Contents Our business may be adversely affected if we are unable to timely develop or acquire additional coal reserves that are economically recoverable.
If these third parties fail to meet their obligations under those contracts or are otherwise ineffective, it could increase our costs and, therefore, lower our earnings and adversely affect our results of operations.
If these third parties fail to meet their obligations under those contracts or are 42 Table of Contents otherwise ineffective, it could increase our costs and, therefore, lower our earnings and adversely affect our results of operations.
We may request an increase to the capacity of the facility of up to $75.0 million provided that $25.0 million may be 48 Table of Contents solely for the purpose of providing additional availability to obtain cash collateralized LCs.
We may request an increase to the capacity of the facility of up to $75.0 million provided that $25.0 million may be solely for the purpose of providing additional availability to obtain cash collateralized LCs.
In addition, regulators may order changes to mine plans or operations due to 36 Table of Contents their interpretation or application of existing or new laws or regulations. Any required changes to mine plans or operations may result in temporary idling of production or addition of costs.
In addition, regulators may order changes to mine plans or operations due to their interpretation or application of existing or new laws or regulations. Any required changes to mine plans or operations may result in temporary idling of production or addition of costs.
If several of these customers were concurrently and significantly to reduce their purchases of coal, or if we were unable to sell coal to them on terms as favorable to us as previous sales, we could face a significant reduction in sales while we attempt to sell the coal to other customers in the global marketplace.
If several of these customers were concurrently and significantly to reduce their purchases of coal, or if we were unable to sell coal to them on sufficiently favorable terms, we could face a significant reduction in sales while we attempt to sell the coal to other customers in the global marketplace.
Business—Environmental and Other Regulatory Matters—Clean Water Act—Wastewater Discharge.” MSHA and state regulators may also order the temporary or permanent closing of a mine in the event of certain violations of safety rules, accidents or imminent dangers.
Refer to “Item 1. Business—Environmental and Other Regulatory Matters—Clean Water Act—Wastewater Discharge.” MSHA and state regulators may also order the temporary or permanent closing of a mine in the event of certain violations of safety rules, accidents or imminent dangers.
This presumption, in some cases, can be rebutted where the person or entity can demonstrate that it in fact does not or 39 Table of Contents did not have authority directly or indirectly to determine the manner in which the relevant coal mining operation is conducted.
This presumption, in some cases, can be rebutted where the person or entity can demonstrate that it in fact does not or did not have authority directly or indirectly to determine the manner in which the relevant coal mining operation is conducted.
Further, changes in tax laws may materially affect our results of operations and could cause our financial position and profitability to deteriorate. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law.
Further, changes in tax laws may materially affect our results of operations and could cause our financial position and profitability to deteriorate. On August 16, 2022, legislation commonly referred to as the Inflation Reduction Act of 2022 (“IRA”) was signed into law.
As this trend continues, the amount of met coal that we sell and the prices that we receive for it in the U.S. could decrease, thereby reducing our revenues and adversely impacting our earnings and the value of our coal reserves.
As this trend continues, the amount of met coal that we sell and the prices that we receive for it in North America could decrease, thereby reducing our revenues and adversely impacting our earnings and the value of our coal reserves.
In addition, actual coal tonnage recovered from identified reserve areas or properties and revenues and expenditures with respect to our reserves 46 Table of Contents and resources may vary materially from estimates. Accordingly, our estimates may not accurately reflect our actual reserves and resources.
In addition, actual coal tonnage recovered from identified reserve areas or properties and revenues and expenditures with respect to our reserves and resources may vary materially from estimates. Accordingly, our estimates may not accurately reflect our actual reserves and resources.
Our income is taxable in the U.S., with a significant portion historically qualifying for preferential treatment as foreign-derived intangible income (“FDII”). If U.S. tax rates increase or the FDII deduction is eliminated or reduced our provision for income taxes, results of operations, net income, and cash flows could be adversely affected.
Our income is taxable in the U.S., with a significant portion historically qualifying for preferential treatment as foreign-derived deduction eligible income (“FDDEI”) deduction, formerly foreign-derived intangible income (“FDII”). If U.S. tax rates increase or the FDDEI deduction is eliminated or reduced our future provision for income taxes, results of operations, net income, and cash flows could be adversely affected.
In addition, due in part to the extensive and comprehensive regulatory requirements, violations of laws, regulations and permits occur at our operations from time to time and may result in significant costs to us to correct the violations, as well as substantial civil or criminal penalties and limitations or shutdowns of our operations. See “Item 1.
In addition, due in part to the extensive and comprehensive regulatory requirements, violations of laws, regulations and permits occur at our operations from time to time and may result in significant costs to us to correct the violations, as well as substantial civil or criminal 35 Table of Contents penalties and limitations or shutdowns of our operations.
Availability under the ABL Facility is calculated monthly and fluctuates based on qualifying amounts of coal inventory, trade accounts receivable and in certain circumstances specified amounts of cash. We must maintain minimum Liquidity, as defined in the ABL Agreement, of $75.0 million. The ABL Facility matures on October 27, 2027.
Availability under the ABL Facility is calculated monthly and fluctuates based on qualifying amounts of coal inventory, trade accounts receivable and in certain circumstances specified amounts of cash. We must maintain minimum Liquidity, as defined in the ABL Agreement, of $75.0 million. The ABL Facility matures on May 4, 2029.
The total authorization to repurchase the Company’s stock under the existing common share repurchase program adopted by the Company’s Board of Directors on March 4, 2022 is $1.5 billion. As of December 31, 2024, $401.3 million of the originally authorized amount remained available for additional repurchases.
The total authorization to repurchase our stock under the existing common share repurchase program adopted by our Board of Directors on March 4, 2022 is $1.5 billion. As of December 31, 2025, $361.3 million of the originally authorized amount remained available for additional repurchases.
The U.S. steel industry increasingly relies on processes to make steel that do not use coke, such as electric arc furnaces or pulverized coal processes.
The North American steel industry increasingly relies on processes to make steel that do not use coke, such as electric arc furnaces or pulverized coal processes.
Alpha produces coal that is sold directly to both U.S. and foreign customers and indirectly to foreign customers through U.S.-based companies. Coal export revenues accounted for approximately 78% of our coal revenues for the year ended December 31, 2024. Met coal accounted for approximately 97% of our coal revenues for the year ended December 31, 2024.
Alpha produces coal that is sold directly to both U.S. and foreign customers and indirectly to foreign customers through U.S.-based companies. For the year ended December 31, 2025, coal export revenues accounted for approximately 73% of our coal revenues. For the year ended December 31, 2025, met coal accounted for 96% of our coal revenues.
Our estimated total reclamation and mine-closing liabilities were $219.7 million as of December 31, 2024, based upon permit requirements, the historical experience at our operations and a number of variables involving assumptions and estimates.
Our estimated total reclamation and mine-closing liabilities were $227.4 million as of December 31, 2025, based upon permit requirements, the historical experience at our operations and a number of variables involving assumptions and estimates.
The unfunded status of these obligations as of December 31, 2024 included $53.5 million of workers’ compensation obligations, net of expected insurance receivable amounts, $100.6 million of pension obligations and $114.3 million of black lung obligations. These obligations have been estimated based on assumptions including actuarial estimates, discount rates, and changes in health care costs.
The unfunded status of these obligations as of December 31, 2025 included $49.6 million of workers’ compensation obligations, net of expected insurance receivable amounts, $87.3 million of pension obligations and $130.6 million of black lung obligations. These obligations have been estimated based on assumptions including actuarial estimates, discount rates, and changes in health care costs.
Certain U.S. federal income tax provisions currently available with respect to coal percentage depletion and exploration and development may be eliminated by future legislation. From time to time, legislation is proposed that could result in the reduction or elimination of certain U.S. federal income tax provisions currently available to companies engaged in the exploration, development, and production of coal reserves.
From time to time, legislation is proposed that could result in the reduction or elimination of certain U.S. federal income tax provisions currently available to companies engaged in the exploration, development, and production of coal reserves.
Even where covered by insurance, these risks may not be fully covered, and insurers may contest their obligations to make payments. Failures by insurers to make payments could have a material adverse effect on our cash flows, results of operations or financial condition.
We maintain insurance policies that provide limited coverage for some, but not all, of these risks. Even where covered by insurance, these risks may not be fully covered, and insurers may contest their obligations to make payments. Failures by insurers to make payments could have a material adverse effect on our cash flows, results of operations or financial condition.
If we are unable to provide the financial assurance that is required by state and federal law to secure our reclamation and coal lease obligations, our ability to mine or lease coal and, as a result, our results of operations could be materially and adversely affected. 49 Table of Contents Our indebtedness, as it may exist from time to time, exposes us to various risks.
If we are unable to provide the financial assurance that is required by state and federal law to secure our reclamation and coal lease obligations, our ability to mine or lease coal and, as a result, our results of operations could be materially and adversely affected.
Our operations use certain hazardous materials, and, from time to time, we generate limited quantities of hazardous wastes. We may be subject to claims under federal or state law for toxic torts, natural resource damages and other damages as well as for the investigation and clean-up of soil, surface water, sediments, groundwater and other natural resources.
We may be subject to claims under federal or state law for toxic torts, natural resource damages and other damages as well as for the investigation and clean-up of soil, surface water, sediments, groundwater and other natural resources.
Coal mines consume large quantities of these commodities, such as steel, copper, rubber products, explosives and diesel and other liquid fuels. A rapid or significant increase in the cost of these commodities would increase our mining costs.
In addition, the prices we pay for materials are strongly influenced by the global commodities markets. Coal mines consume large quantities of these commodities, such as steel, copper, rubber products, explosives and diesel and other liquid fuels. A rapid or significant increase in the cost of these commodities would increase our mining costs.
Risks Relating to Our Liquidity The need to maintain capacity for required LCs could limit our ability to provide financial assurance for self-insured obligations and negatively impact our ability to fund future working capital, capital expenditure or other general corporate requirements. On October 27, 2023, we entered into a new Credit Agreement (the “ABL Agreement”).
Risks Relating to Our Liquidity The need to maintain capacity for required LCs could limit our ability to provide financial assurance for self-insured obligations and negatively impact our ability to fund future working capital, capital expenditure or other general corporate requirements.
Among other provisions, the IRA enacted a 15% corporate alternative minimum tax and a 1% excise tax on repurchases of corporate stock for tax years beginning after December 31, 2022. In the fourth quarter of 2024, we paid a stock repurchase excise tax of $4.7 million related to our share repurchase program, which was recorded in treasury stock at cost.
Among other provisions, the IRA enacted a 15% corporate alternative minimum tax and a 1% excise tax on repurchases of corporate stock for tax years beginning after December 31, 2022. We have accrued a stock repurchase excise tax of $327 related to the share repurchase program as of December 31, 2025, which is recorded in treasury stock at cost.
Problems that could arise from the integration of an acquired business may involve: • coordinating management and personnel and managing different corporate cultures; • applying our safety and environmental programs at acquired mines and facilities; • establishing, testing and maintaining effective internal control processes and systems of financial reporting for the acquired business; • the diversion of our management’s and our finance and accounting staff’s resources and time commitments, and the disruption of either our or the acquired company’s ongoing businesses; • tax costs or inefficiencies; and • inconsistencies in standards, information technology systems, procedures or policies. 47 Table of Contents Any one or more of these factors could cause us not to realize the benefits anticipated from a strategic transaction, adversely affect our ability to maintain relationships with clients, employees or other third parties or reduce our earnings.
Problems that could arise from the integration of an acquired business may involve: • coordinating management and personnel and managing different corporate cultures; • applying our safety and environmental programs at acquired mines and facilities; • establishing, testing and maintaining effective internal control processes and systems of financial reporting for the acquired business; • the diversion of our management’s and our finance and accounting staff’s resources and time commitments, and the disruption of either our or the acquired company’s ongoing businesses; • tax costs or inefficiencies; and • inconsistencies in standards, information technology systems, procedures or policies.
In the ordinary course of business, we and our service providers collect, process, transmit and store data, such as proprietary business information and personally identifiable information. 43 Table of Contents Our IT systems and those of third parties, including third-party service providers, are vulnerable to malicious and intentional cyberattacks involving ransomware, malware and viruses, accidental or inadvertent incidents, the exploitation of security vulnerabilities or “bugs” in software or hardware, among other scenarios.
Our IT systems and those of third parties, including third-party service providers, are vulnerable to malicious and intentional cyberattacks involving ransomware, malware and viruses, accidental or inadvertent incidents, the exploitation of security vulnerabilities or “bugs” in software or hardware, among other scenarios.
Additionally, our independent registered public accounting firm may issue an adverse report indicating that our internal controls are not effective due to deficiencies in how our 50 Table of Contents controls are documented, designed, operated or reviewed.
We are responsible for assessing the operating effectiveness of internal controls over financial reporting and we may conclude that our internal controls over financial reporting are ineffective. Additionally, our independent registered public accounting firm may issue an adverse report indicating that our internal controls are not effective due to deficiencies in how our controls are documented, designed, operated or reviewed.
As of December 31, 2024, we had outstanding surety bonds with third parties of approximately $182.8 million. Surety bond issuers and holders may demand additional collateral, unfavorable terms or higher fees.
As of December 31, 2025, we had outstanding surety bonds with third parties of $170.0 million, with $147.6 million related to active reclamation projects. Surety bond issuers and holders may demand additional collateral, unfavorable terms or higher fees.
Any of these consequences could adversely affect our operating results or result in impairments to our assets. 41 Table of Contents In addition, our mining operations are concentrated in a small number of material mines.
Any of these consequences could adversely affect our operating results or result in impairments to our assets. In addition, our mining operations are concentrated in a small number of material mines. As a result, the effects of any of these conditions or events may be exacerbated and may have a disproportionate impact on our results of operations and assets.
Accordingly, some existing power generators have switched to other fuels that generate fewer emissions and others are likely to switch, some power plants have closed and others are likely to close, and fewer new coal-fired plants are being constructed, all of which reduce demand for coal and the amount of coal that we sell and the prices that we receive for it, thereby reducing our revenues and adversely impacting our earnings and the value of our coal reserves.
Accordingly, some existing power generators have switched to other fuels that generate fewer emissions and others are likely to switch, some power plants have closed and others are likely to close, and fewer new coal-fired plants are being constructed, all of which reduce demand for coal and the amount of coal that we sell and the prices that we receive for it, thereby reducing our revenues and adversely impacting our earnings and the value of our coal reserves. 37 Table of Contents Other extensive environmental laws, including existing and potential future legislation, treaties and regulatory requirements relating to air emissions, waste management and water discharges, affect our customers and could further reduce the demand for coal as a fuel source and cause prices and sales of our coal to materially decline.
The supplier base providing mining materials and equipment has been relatively consistent in recent years, although there continues to be consolidation, which has resulted in a limited number of suppliers for certain types of equipment and supplies. 44 Table of Contents Any significant reduction in availability or increase in cost of any mining equipment or key supplies could adversely affect our operations and increase our costs, which could adversely affect our operating results and cash flows.
The supplier base providing mining materials and equipment has been relatively consistent in recent years, although there continues to be consolidation, which has resulted in a limited number of suppliers for certain types of equipment and supplies.
Any prolonged global, national or regional economic recession or other similar events could have a material adverse effect on the demand for and price of coal, on our sales, margins and profitability, and on our own ability to obtain financing. 34 Table of Contents We are unable to predict the timing, duration and severity of any potential future disruptions in financial markets and potential future adverse economic conditions in the U.S. and other countries and the impact these events may have on our operations and the industry in general.
We are unable to predict the timing, duration and severity of any potential future disruptions in financial markets and potential future adverse economic conditions in the U.S. and other countries and the impact these events may have on our operations and the industry in general.
We require capital for, among other purposes, acquisition of surface rights, equipment and the development of our mining operations, capital renovations, maintenance and 42 Table of Contents expansions of plants and equipment and compliance with safety, health and environmental laws and regulations.
We require capital for, among other purposes, acquisition of surface rights, equipment and the development of our mining operations, capital renovations, maintenance and expansions of plants and equipment and compliance with safety, health and environmental laws and regulations. Future debt or equity financing may not be available on satisfactory terms or at all or, if available, may result in dilution.
These activities may divert management’s attention from other business concerns. To maintain and improve our controls and procedures, we must commit significant resources, may be required to hire additional staff and need to continue to provide effective management oversight, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
To maintain and improve our controls and procedures, we must commit significant resources, may be required to hire additional staff and need to continue to provide effective management oversight, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. 39 Table of Contents Certain U.S. federal income tax provisions currently available with respect to coal percentage depletion and exploration and development may be eliminated by future legislation.
We own and operate some of these systems and applications while others are owned and operated by our third-party service providers.
We own and operate some of these systems and applications while others are owned and operated by our third-party service providers. In the ordinary course of business, we and our service providers collect, process, transmit and store data, such as proprietary business information and personally identifiable information.
Any of these actions could have a material adverse effect on our business and results of operations. Our operations may impact the environment or cause exposure to hazardous substances, and our properties may have environmental contamination, which could result in material liabilities to us.
Our operations may impact the environment or cause exposure to hazardous substances, and our properties may have environmental contamination, which could result in material liabilities to us. 34 Table of Contents Our operations use certain hazardous materials, and, from time to time, we generate limited quantities of hazardous wastes.
The ABL Agreement includes an asset-based revolving credit facility (the “ABL Facility”), which among other things, provides for the issuance of LCs. Obligations secured by LCs may increase in the future, for example due to increased collateral obligations associated with black lung obligations.
Obligations secured by LCs may increase in the future, for example due to increased collateral obligations associated with black lung obligations.
The concurrent loss of, or significant reduction in, purchases by several of our largest customers could materially and adversely affect our revenues and profitability.
The concurrent loss of, or significant reduction in, purchases by several of our largest customers could materially and adversely affect our revenues and profitability. 32 Table of Contents Coal sales to our largest customer during the year ended December 31, 2025 accounted for approximately 14% of our total revenues, and coal sales to our 10 largest customers accounted for approximately 77% of our total revenues.
The demand for foreign-produced steel both in foreign markets and in the U.S. market also depends on other factors such as tariff rates on steel. For example, in 2018, the U.S. imposed tariffs on imports of steel mill products and a tariff on imports of wrought and unwrought aluminum.
The demand for foreign-produced steel both in foreign markets and in the U.S. market also depends substantially on other factors such as tariff rates on steel. For example, in March 2025, President Trump implemented tariffs, in addition to any existing special rates, on steel and aluminum pursuant to Section 232 of the Trade Expansion Act of 1962.
At December 31, 2024, we had $5.8 million of indebtedness outstanding, of which $4.5 million is scheduled to mature in the next three years. Our indebtedness could have important consequences to our business, particularly if the amount of our indebtedness should materially increase in the future.
Our indebtedness could have important consequences to our business, particularly if the amount of our indebtedness should materially increase in the future.
Diesel fuel is one of our largest variable costs and a sustained shortage of diesel fuel could negatively and materially impact our results of operations. In addition, the prices we pay for materials are strongly influenced by the global commodities markets.
Any significant reduction in availability or increase in cost of any mining equipment or key supplies could adversely affect our operations and increase our costs, which could adversely affect our operating results and cash flows. Diesel fuel is one of our largest variable costs and a sustained shortage of diesel fuel could negatively and materially impact our results of operations.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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We track key performance indicators and cybersecurity metrics to evaluate the efficacy of our cybersecurity controls and practices. Further, our cybersecurity program is periodically reviewed by senior members of management and adjusted as 53 Table of Contents needed in an effort to maintain the program’s agility and responsiveness as circumstances and technologies evolve, new cybersecurity threats emerge and regulations change.
We track key performance indicators and cybersecurity metrics to evaluate the efficacy of our cybersecurity controls and practices. Further, our cybersecurity program is periodically reviewed by senior members of management and adjusted as needed in an effort to maintain the program’s agility and responsiveness as circumstances and technologies evolve, new cybersecurity threats emerge and regulations change.
It is responsible for measuring and managing cybersecurity risk, including the prevention, detection, mitigation and remediation of cybersecurity incidents and also for implementing cybersecurity policies, programs, procedures and strategies. The security team reports significant cybersecurity incidents to senior management, internal legal advisors, communication specialists and other key stakeholders as required.
It is responsible for measuring and managing cybersecurity risk, including the prevention, detection, mitigation and remediation of cybersecurity incidents and also for implementing cybersecurity policies, programs, procedures and strategies. The security team reports significant cybersecurity incidents to senior management, internal legal advisors, communication specialists and other key stakeholders as required. 54 Table of Contents
We own and operate some of these systems and applications while others are owned and operated by third-party service providers. We maintain a cybersecurity program employing many components and strategies to mitigate and remediate day-to-day cybersecurity threats and exposures.
We own and operate some of these systems and applications while others are owned and operated by third-party service providers. 52 Table of Contents We maintain a cybersecurity program employing many components and strategies to mitigate and remediate day-to-day cybersecurity threats and exposures.
For additional discussion of our cybersecurity related risks, see “Item 1.A Risk Factors.” Cybersecurity Governance Board Oversight The Board is responsible for overseeing management’s assessments of major risks facing the Company and for reviewing options to mitigate these risks. The Board’s oversight of cybersecurity risks occurs at both the Board level and through its Audit Committee. The Board .
For additional discussion of our cybersecurity related risks, refer to “Item 1.A Risk Factors.” Cybersecurity Governance Board Oversight The Board is responsible for overseeing management’s assessments of major risks facing us and for reviewing options to mitigate these risks. The Board’s oversight of cybersecurity risks occurs at both the Board level and through its Audit Committee. The Board .
The Board may request follow-up data and presentations to address any specific concerns or recommendations. 54 Table of Contents The Audit Committee . The Audit Committee reviews with our management team, including our Senior Vice President – Information Systems and Technology, our cybersecurity frameworks, policies, technologies, programs, opportunities, strategies and risks.
The Board may request follow-up data and presentations to address any specific concerns or recommendations. The Audit Committee . The Audit Committee reviews with our management team, including our Senior Vice President – Information Systems and Technology, our cybersecurity frameworks, policies, technologies, programs, opportunities, strategies and risks.
Our technology acquisition policy and our internal controls framework require us to obtain and review attestation reports regarding these third-party service providers and their sub-service processors or providers and their internal controls, complementary user entity controls and contractual obligations, including those specific to cybersecurity.
Our technology acquisition 53 Table of Contents policy and our internal controls framework require us to obtain and review attestation reports regarding these third-party service providers and their sub-service processors or providers and their internal controls, complementary user entity controls and contractual obligations, including those specific to cybersecurity.
The IT Department’s security team, a cross-functional group composed of members who all have 12 to 26 years of professional and technical information technology experience, oversees the cybersecurity program to help ensure the confidentiality, integrity and availability of the company’s systems and mitigate day-to-day threats and exposures.
The IT Department’s security team, a cross-functional group composed of members who all have 7 to 27 years of professional and technical information technology experience, oversees the cybersecurity program to help ensure the confidentiality, integrity and availability of our systems and mitigate day-to-day threats and exposures.

Item 2. Properties

Properties — owned and leased real estate

20 edited+4 added−4 removed12 unchanged
The Company’s engineering personnel ensure estimates are based on current mine plans, incorporate the most recent drilling and lab data, properly reflect changes in permitting status, consider known encumbrances, and are consistent with operating knowledge and expectations in terms of mining methods, recovery rates, minimum seam heights or maximum strip ratios, and saleable qualities.
Our engineering personnel ensure estimates are based on current mine plans, incorporate the most recent drilling and lab data, properly reflect changes in permitting status, consider known encumbrances, and are consistent with operating knowledge and expectations in terms of mining methods, recovery rates, minimum seam heights or maximum strip ratios, and saleable qualities.
Company personnel review the work of the qualified person to ensure such work is prepared in accordance with applicable rules and regulations and that the data and assumptions used are supportable based on historical results and current and future mine plans and reflect known facts and circumstances through the reporting date.
Our personnel review the work of the qualified person to ensure such work is prepared in accordance with applicable rules and regulations and that the data and assumptions used are supportable based on historical results and current and future mine plans and reflect known facts and circumstances through the reporting date.
Internal Controls Disclosure The preparation of coal reserve and resource estimates is conducted in accordance with the Company’s prescribed internal control procedures, which are designed to ensure the reliability of such estimates.
Internal Controls Disclosure The preparation of coal reserve and resource estimates is conducted in accordance with our prescribed internal control procedures, which are designed to ensure the reliability of such estimates.
On an annual basis, Company personnel meet with the independent qualified person to provide updates to the data and assumptions to be used in performing the reserve and resource estimates.
On an annual basis, our personnel meet with the independent qualified person to provide updates to the data and assumptions to be used in performing the reserve and resource estimates.
In addition, the Company’s qualified person performs independent data verification procedures to ensure data is of sufficient quantity and reliability to reasonably support the coal reserve and resource estimates.
In addition, our qualified person performs independent data verification procedures to ensure data is of sufficient quantity and reliability to reasonably support the coal reserve and resource estimates.
For example, the Company’s land personnel verify the property maps and control areas used by the qualified person based on review of underlying deed and lease records.
For example, our land personnel verify the property maps and control areas used by the qualified person based on review of underlying deed and lease records.
(2) Inferred resources were not considered material and have not been presented. 57 Table of Contents Coal Resources (1) (Tons in thousands) Coal Type/Quality Met Coal by Volatility Thermal Sulfur Expected Recovery Percentage (2) Mining Complex Location High-Vol. A High-Vol. B Mid-Vol. Low-Vol.
(2) Inferred resources were not considered material and have not been presented. Coal Resources (1) (Tons in thousands) Coal Type/Quality Met Coal by Volatility Thermal Sulfur Expected Recovery Percentage (2) Mining Complex Location High-Vol. A High-Vol. B Mid-Vol. Low-Vol.
For a coal reserve or resource to be considered economic, generally revenue generated from its sale must exceed its total cost of production (including consideration of development, capital, and operating costs). 55 Table of Contents In determining coal reserves as of December 31, 2024, the following estimated market pricing was utilized: Coal quality Market Pricing Per Ton (1) (2) High-Vol.
For a coal reserve or resource to be considered economic, generally revenue generated from its sale must exceed its total cost of production (including consideration of development, capital, and operating costs). In determining coal reserves as of December 31, 2025, the following estimated market pricing was utilized: Coal quality Market Pricing Per Ton (1) (2) High-Vol. A $183 High- Vol.
Laboratory testing is performed by American National Standards Institute (“ANSI”) certified laboratories and samples are analyzed in accordance with procedures defined under American Society for Testing and Materials (“ASTM”) standards. Core drilling and laboratory testing results are logged into a database with restricted access.
For example, core drilling is conducted by reputable third-party drillers and core samples are tagged. Laboratory testing is performed by American National Standards Institute (“ANSI”) certified laboratories and samples are analyzed in accordance with procedures defined under American Society for Testing and Materials (“ASTM”) standards. Core drilling and laboratory testing results are logged into a database with restricted access.
Coal Reserves and Resources As of December 31, 2024, we estimate that we owned or controlled approximately 298.6 million tons of marketable proven and probable bituminous coal reserves and approximately 517.8 million tons of in situ bituminous coal resources. Our coal reserve and resource estimates were prepared by Marshall Miller & Associates, Inc.
Coal Reserves and Resources As of December 31, 2025, we estimate that we owned or controlled approximately 294.5 million tons of marketable proven and probable bituminous coal reserves and approximately 522.6 million tons of in situ bituminous coal resources. Our coal reserve and resource estimates were prepared by Marshall Miller & Associates, Inc.
In performing an initial assessment for purposes of determining coal resources as of December 31, 2024, the following estimated market pricing was utilized: 56 Table of Contents Complex Market Pricing Per Ton (1) (2) Aracoma $197 Kepler $197 Kingston $211 Marfork $201 McClure/Toms Creek $198 Power Mountain $201 Elk Run $191 (1) Market pricing shown on U.S. East Coast basis.
In performing an initial assessment for purposes of determining coal resources as of December 31, 2025, the following estimated market pricing was utilized: Complex Market Pricing Per Ton (1) (2) Aracoma $197 Kepler $206 Kingston/Mammoth $221 Marfork $206 McClure/Toms Creek $208 Power Mountain $201 Elk Run $191 (1) Market pricing shown on U.S. East Coast basis.
When considered cost beneficial by the Company, Marshall Miller further conducts a pre-feasibility study to estimate our coal reserves and classify such reserves as either proven or probable.
When we consider it cost beneficial, Marshall Miller further conducts a pre-feasibility study to estimate our coal reserves and classify such reserves as either proven or probable.
A $185 High- Vol. B $169 Mid-Vol. $188 Low-Vol. $189 Thermal $77 (1) Market pricing shown on U.S. East Coast basis. (2) Met and thermal pricing based on 10-year and 3-year average, respectively of forecasted pricing from pricing services.
B $169 Mid-Vol. $190 Low-Vol. $191 Thermal $82 (1) Market pricing shown on U.S. East Coast basis. (2) Met and thermal pricing based on 10-year and 3-year average, respectively, of forecasted pricing from pricing services.
However, also refer to “Item 1. Business—Environmental and Other Regulatory Matters” and “Item 1A. Risks Factors—Risks relating to regulatory and legal developments.” Our coal reserve and resource estimates are updated periodically to reflect coal production, acquisitions and dispositions of mineral interests, new drilling, mine or geological data, and changes in regulations, market conditions or other economic factors.
Risks Factors—Risks relating to regulatory and legal developments.” Our coal reserve and resource estimates are updated periodically to reflect coal production, acquisitions and dispositions of mineral interests, new drilling, mine or geological data, and changes in regulations, market conditions or other economic 57 Table of Contents factors.
The Company’s land and accounting personnel endeavor to ensure that estimates are prepared in accordance with applicable rules and regulations, that rationale for changes in estimates from prior years are reasonable and supportable, and that cash flow projections are based on reasonable and supportable assumptions with respect to forecasted production rates, coal pricing, and operating and capital costs.
Our land and accounting personnel endeavor to ensure that estimates are prepared in accordance with applicable rules and regulations, that rationale for changes in estimates from prior years are reasonable and supportable, and that cash flow projections are based on reasonable and supportable assumptions with respect to forecasted production rates, coal pricing, and operating and capital costs. 58 Table of Contents Our drilling, sample preparation and laboratory analysis are conducted in accordance with internal policies and procedures.
The Company’s current coal reserves and resource estimates are based on the best information available and are subject to re-assessment when conditions change. Also refer to Item 1A.
Our current coal reserves and resource estimates are based on the best information available and are subject to re-assessment when conditions change. Also refer to “Item 1A. Risk Factors” for further discussion of risks associated with the estimates of our reserves and resources. The following map shows the locations of our material mining properties and corporate headquarters:
The following is a summary of our estimated marketable proven and probable coal reserves as of December 31, 2024 as determined by Marshall Miller: Coal Reserves (Tons in thousands) Marketable Coal Reserves (1) Reserve Control Stage / Permit Status Production Stage Mining Complex Location Total Proven Probable Owned Leased Permitted Not Permitted Met Aracoma WV 38,055 24,530 13,525 4,603 33,452 20,307 17,748 Kepler WV 38,473 21,478 16,995 209 38,264 12,577 25,896 Kingston WV 35,745 22,020 13,725 554 35,191 22,197 13,548 Marfork WV 91,988 51,204 40,784 2,176 89,812 46,359 45,629 McClure/Toms Creek VA 66,531 47,690 18,841 1,245 65,286 38,111 28,420 Elk Run WV 27,847 17,259 10,588 144 27,703 4,152 23,695 Total 298,639 184,181 114,458 8,931 289,708 143,703 154,936 (1) Minimum seam height generally 30 inches for underground mines.
The following is a summary of our estimated marketable proven and probable coal reserves as of December 31, 2025 as determined by Marshall Miller: 55 Table of Contents Coal Reserves (Tons in thousands) Marketable Coal Reserves (1) Reserve Control Stage / Permit Status Production Stage Mining Complex Location Total Proven Probable Owned Leased Permitted Not Permitted Met Aracoma WV 35,120 22,671 12,449 4,389 30,731 17,677 17,443 Kepler WV 36,159 20,631 15,528 209 35,950 15,996 20,163 Kingston/Mammoth WV 33,324 19,926 13,398 555 32,769 20,120 13,204 Marfork WV 96,799 51,687 45,112 2,268 94,531 54,388 42,411 McClure/Toms Creek VA 65,237 46,948 18,289 — 65,237 36,653 28,584 Elk Run WV 27,847 17,259 10,588 144 27,703 4,152 23,695 Total 294,486 179,122 115,364 7,565 286,921 148,986 145,500 (1) Minimum seam height generally 30 inches for underground mines.
The following is a summary of the changes in our coal reserves and resources for the year-ended December 31, 2024: Changes in Coal Reserves (Tons in thousands) 12/31/2023 12/31/2024 Mining Complex Coal Reserves Acquired/Leased Change in Mine Plan Divested Production Coal Reserves Met Aracoma 41,276 — (636) — (2,585) 38,055 Kepler 41,190 — (944) — (1,773) 38,473 Kingston 38,657 181 (1,119) — (1,974) 35,745 Marfork 97,653 — (1,170) — (4,495) 91,988 McClure/Toms Creek 68,747 87 1,105 — (3,408) 66,531 Elk Run 28,434 — (407) — (180) 27,847 Total 315,957 268 (3,171) — (14,415) 298,639 58 Table of Contents Changes in Coal Resources (Tons in thousands) 12/31/2023 12/31/2024 Mining Complex Coal Resources Initial Assessment (1) Change in Mine Plan Divested Production Coal Resources Met Aracoma 131,383 — — — — 131,383 Kepler 32,866 — — (2,357) — 30,509 Kingston 26,662 — (684) — — 25,978 Marfork 156,436 — 3,258 — — 159,694 McClure/Toms Creek 43,629 — 20 — — 43,649 Power Mountain 54,683 — 5,781 — (3,378) 57,086 Elk Run 67,883 1,617 (33) — — 69,467 Total 513,542 1,617 8,342 (2,357) (3,378) 517,766 (1) Mineral areas subjected to initial assessment in current year.
The following is a summary of the changes in our coal reserves and resources for the year ended December 31, 2025: Changes in Coal Reserves (Tons in thousands) 12/31/2024 12/31/2025 Mining Complex Coal Reserves Acquired/Leased Pre-Feasibility (1) Change in Mine Plan Divested Production Coal Reserves Met Aracoma 38,055 — 524 (864) — (2,595) 35,120 Kepler 38,473 — — (624) — (1,690) 36,159 Kingston/Mammoth 35,745 — 978 (1,244) — (2,155) 33,324 Marfork 91,988 — 8,375 579 — (4,143) 96,799 McClure/Toms Creek 66,531 — — 2,008 — (3,302) 65,237 Elk Run 27,847 — — — — — 27,847 Total 298,639 — 9,877 (145) — (13,885) 294,486 (1) Mineral areas subjected to pre-feasibility study in current period.
The following is a summary of the Company’s estimated in situ inferred, indicated, and measured coal resources (exclusive of coal reserves) as of December 31, 2024 as determined by Marshall Miller: Coal Resources (1) (Tons in thousands) In Situ Coal Resources (2) Resource Control Stage / Permit Status Exploration Stage Mining Complex Location Total Indicated Measured Owned Leased Permitted Not Permitted Met Aracoma WV 131,383 49,707 81,676 46,592 84,791 20,668 110,715 Kepler WV 30,509 23,500 7,009 596 29,913 17,590 12,919 Kingston WV 25,978 10,769 15,209 13,864 12,114 — 25,978 Marfork WV 159,694 47,415 112,279 61,168 98,526 10,378 149,316 McClure/Toms Creek VA 43,649 13,099 30,550 — 43,649 19,080 24,569 Power Mountain WV 57,086 21,759 35,327 15,110 41,976 27,237 29,849 Elk Run WV 69,467 21,997 47,470 — 69,467 8,705 60,762 Total 517,766 188,246 329,520 137,330 380,436 103,658 414,108 (1) Amounts shown exclusive of coal reserves.
(2) Pricing shown for primary product judgmentally selected by qualified person based on review of historical average pricing for each complexes coal products over the past 5 years. 56 Table of Contents The following is a summary of our estimated in situ inferred, indicated, and measured coal resources (exclusive of coal reserves) as of December 31, 2025 as determined by Marshall Miller: Coal Resources (1) (Tons in thousands) In Situ Coal Resources (2) Resource Control Stage / Permit Status Exploration Stage Mining Complex Location Total Indicated Measured Owned Leased Permitted Not Permitted Met Aracoma WV 126,614 48,352 78,262 46,592 80,022 16,546 110,068 Kepler WV 28,471 22,950 5,521 596 27,875 17,069 11,402 Kingston/Mammoth WV 23,472 10,206 13,266 13,864 9,608 — 23,472 Marfork WV 155,194 46,764 108,430 61,168 94,026 6,487 148,707 McClure/Toms Creek VA 43,960 13,143 30,817 — 43,960 19,621 24,339 Power Mountain WV 75,440 31,578 43,862 11,849 63,591 54,518 20,922 Elk Run WV 69,467 21,998 47,469 — 69,467 8,705 60,762 Total 522,618 194,991 327,627 134,069 388,549 122,946 399,672 (1) Amounts shown exclusive of coal reserves.
Thermal ≤ 1% > 1% Met Aracoma WV — 131,383 — — — 58,564 72,819 21 % Kepler WV — — 6,949 23,560 — 28,157 2,352 47 % Kingston WV — — 2,505 23,473 — 25,978 — 27 % Marfork WV 107,467 — 3,856 43,799 4,572 62,085 97,609 31 % McClure/Toms Creek VA 8,049 — 35,600 — — 23,744 19,905 25 % Power Mountain WV — 57,086 — — — 9,084 48,002 32 % Elk Run WV — 69,467 — — — 14,172 55,295 29 % Total 115,516 257,936 48,910 90,832 4,572 221,784 295,982 (1) Amounts shown exclusive of coal reserves.
Thermal ≤ 1% > 1% Met Aracoma WV — 126,614 — — — 58,564 68,050 20 % Kepler WV — — 5,363 23,108 — 26,571 1,900 48 % Kingston/Mammoth WV — — — 23,472 — 23,472 — 40 % Marfork WV 103,602 — 3,650 43,799 4,143 61,450 93,744 31 % McClure/Toms Creek VA 8,347 35,613 — — 42,925 1,035 25 % Power Mountain WV — 75,440 — — — 10,285 65,155 31 % Elk Run WV — 69,467 — — — 14,172 55,295 29 % Total 111,949 271,521 44,626 90,379 4,143 237,439 285,179 (1) Amounts shown exclusive of coal reserves.
Removed
Thermal (1) ≤ 1% > 1% Met Aracoma WV — 38,055 — — — 34,413 3,642 29 % Kepler WV — — 5,026 33,447 — 38,473 — 41 % Kingston WV 17,905 — 2,394 9,903 5,543 10,489 25,256 39 % Marfork WV 59,427 — 2,601 26,194 3,766 84,249 7,739 30 % McClure/Toms Creek VA 6,081 — 58,947 — 1,503 66,531 — 31 % Elk Run WV — 27,847 — — — 27,847 — 21 % Total 83,413 65,902 68,968 69,544 10,812 262,002 36,637 (1) Kingston thermal reserves primarily proven and >1% sulfur; Marfork and McClure/Toms Creek thermal reserves primarily probable and (2) Recovery percentage defined as estimated coal reserves divided by related estimated in situ measured and indicated coal resources.
Added
Thermal (1) ≤ 1% > 1% Met Aracoma WV — 35,120 — — — 31,539 3,581 27 % Kepler WV — — 5,018 31,141 — 36,159 — 39 % Kingston/Mammoth WV 15,329 — 3,034 9,889 5,072 11,115 22,209 37 % Marfork WV 63,497 — 2,034 26,150 5,118 86,558 10,241 31 % McClure/Toms Creek VA 6,047 57,698 — 1,492 65,237 — 32 % Elk Run WV — 27,847 — — — 27,847 — 21 % Total 84,873 62,967 67,784 67,180 11,682 258,455 36,031 (1) Kingston/Mammoth thermal reserves primarily proven and >1% sulfur; Marfork and McClure/Toms Creek thermal reserves primarily probable and ≤ 1% sulfur.
Removed
(2) Pricing shown for primary product judgmentally selected by qualified person based on review of historical average pricing for each complexes coal products over the past 5 years.
Added
(2) Recovery percentage defined as estimated coal reserves divided by related estimated in situ measured and indicated coal resources.
Removed
The Company’s drilling, sample preparation and laboratory analysis are conducted in accordance with internal policies and procedures. For example, core drilling is conducted by reputable third-party drillers and core samples are tagged.
Added
However, also refer to “Item 1. Business—Environmental and Other Regulatory Matters” and “Item 1A.
Removed
Risk Factors for further discussion of risks associated with the estimates of the Company’s reserves and resources. 59 Table of Contents The following map shows the locations of our material mining properties and corporate headquarters:
Added
Changes in Coal Resources (Tons in thousands) 12/31/2024 12/31/2025 Mining Complex Coal Resources Acquired/ Leased Pre-Feasibility (1) Change in Mine Plan Divested Production Coal Resources Met Aracoma 131,383 — (4,769) — — — 126,614 Kepler 30,509 — — (785) (1,253) — 28,471 Kingston/Mammoth 25,978 — (2,506) — — — 23,472 Marfork 159,694 — (3,668) (832) — — 155,194 McClure/Toms Creek 43,649 — — 311 — — 43,960 Power Mountain 57,086 21,014 — — — (2,660) 75,440 Elk Run 69,467 — — — — — 69,467 Total 517,766 21,014 (10,943) (1,306) (1,253) (2,660) 522,618 (1) Mineral areas subjected to pre-feasibility study in current period.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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(3) The Company cannot estimate the number of shares that will be repurchased because decisions to purchase are subject to market and business conditions, levels of available liquidity, our cash needs, restrictions under agreements or obligations, legal or regulatory requirements or restrictions, and other relevant factors. This amount does not include stock repurchase related fees and excise taxes.
(3) We cannot estimate the number of shares that will be repurchased because decisions to purchase are subject to market and business conditions, levels of available liquidity, our cash needs, restrictions under agreements or obligations, legal or regulatory requirements or restrictions, and other relevant factors. This amount does not include stock repurchase related fees and excise taxes.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” Dividend Policy Pursuant to the dividend policy adopted by the Board on May 3, 2022, the Board declared quarterly cash dividends on the Company’s common stock during the years ended December 31, 2023 and 2022.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” Dividend Policy Pursuant to the dividend policy adopted by the Board on May 3, 2022, the Board declared quarterly cash dividends on our common stock during the years ended December 31, 2023 and 2022.
The holders of the Company’s common stock are entitled to receive such dividends, if any, when they are declared by the Board. The decision to declare and pay cash dividends will be made by the Board and will depend on the Company’s earnings, financial condition and other relevant factors.
The holders of our common stock are entitled to receive such dividends, if any, when they are declared by the Board. Any decision to declare and pay cash dividends will be made by the Board and will depend on our earnings, financial condition and other relevant factors.
Following the effectiveness of our name change on February 1, 2021, our ticker symbol on the New York Stock Exchange changed from “CTRA” to “AMR” effective on February 4, 2021. As of December 31, 2024, there were 66 registered holders of record of our common stock. The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.
Following the effectiveness of our name change on February 1, 2021, our ticker symbol on the New York Stock Exchange changed from “CTRA” to “AMR” effective on February 4, 2021. As of December 31, 2025, there were 72 registered holders of record of our common stock. The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.
Our common stock is registered by book-entry only. The section of our Proxy Statement entitled “Stock Performance Graph” is incorporated herein by reference. For information on securities authorized for issuance under our equity compensation plans, see “Item 12.
Our common stock is registered by book-entry only. The section of our Proxy Statement entitled “Stock Performance Graph” is incorporated herein by reference. For information on securities authorized for issuance under our equity compensation plans, refer to “Item 12.
Refer to Note 7 for additional information. (2) The Company adopted a capital return program in 2019, including a stock repurchase plan with no expiration date that permitted the Company to repurchase up to an aggregate amount of $100 million of the Company’s common stock.
Refer to Note 7 to the Consolidated Financial Statements for additional information. (2) We adopted a capital return program in 2019, including a stock repurchase plan with no expiration date that permitted us to repurchase up to an aggregate amount of $100 million of our common stock, of which $67.6 million remains available.
The following table reflects the remaining amount available for repurchases pursuant to the Company’s common share repurchase programs: Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (In thousands) (1)(2)(3) October 1, 2024 through October 31, 2024 — $ — — $ 468,835 November 1, 2024 through November 30, 2024 — $ — — $ 468,835 December 1, 2024 through December 31, 2024 — $ — — $ 468,835 — — (1) The total authorization to repurchase the Company’s stock under the existing common share repurchase program adopted by the Board on March 4, 2022 is $1.5 billion.
Repurchase of Common Stock The following table reflects repurchases of common shares during the fourth quarter of 2025, and the remaining amount available for future repurchases, pursuant to our common share repurchase programs: Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (In thousands) (1)(2)(3) October 1, 2025 through October 31, 2025 61,284 $ 163.17 61,284 $ 371,289 November 1, 2025 through November 30, 2025 — $ — — $ 371,289 December 1, 2025 through December 31, 2025 52,115 $ 191.85 52,115 $ 361,291 113,399 113,399 (1) The total authorization to repurchase our stock under the existing common share repurchase program adopted by our Board of Directors on March 4, 2022 is $1.5 billion.
On August 2, 2023, the Board determined to end the Company’s fixed dividend program following the quarterly dividend declared and paid in the fourth quarter of 2023. Refer to Note 7 for further information related to the Company’s dividend program. Repurchase of Common Stock The Company did not repurchase any shares of common stock during the fourth quarter of 2024.
On August 2, 2023, the Board determined to end our fixed dividend program following the quarterly dividend declared and paid in the fourth quarter of 2023. Refer to Note 7 to the Consolidated Financial Statements for further information related to our dividend program.
The Company suspended this stock repurchase plan on October 1, 2019 and does not currently intend to make further repurchases under it.
This amount is not included in the table above as we suspended this stock repurchase plan on October 1, 2019 and do not currently intend to make further repurchases under it.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Financial Statements and Supplementary Data 79 Report of Independent Registered Public Accounting Firm (PCAOB ID: 49 ) 79 Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022 81 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022 82 Consolidated Balance Sheets as of December 31, 2024 and 2023 83 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022 84 Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2024, 2023 and 2022 86 Notes to Consolidated Financial Statements 87 (1) Business and Basis of Presentation 87 (2) Summary of Significant Accounting Policies 87 (3) Revenue 93 (4) Accumulated Other Comprehensive Loss 94 (5) Net Income per Share 95 (6) Inventories, Net 96 (7) Capital Stock 96 (8) Property, Plant, and Equipment, Net 97 (9) Other Non-current Assets 97 (10) Equity Method Investments 97 (11) Leases 98 (12) Accrued Expenses and Other Current Liabilities 100 (13) Long-Term Debt 100 (14) Asset Retirement Obligations 101 (15) Fair Value of Financial Instruments and Fair Value Measurements 101 (16) Income Taxes 102 (17) Employee Benefit Plans 104 3 (18) Stock-Based Compensation Awards 112 (19) Related Party Transactions 118 (20) Commitments and Contingencies 118 (21) Concentration of Credit Risk and Major Customers 122 (22) Segment Information 122
Financial Statements and Supplementary Data 79 Report of Independent Registered Public Accounting Firm (PCAOB ID: 49 ) 79 Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 81 Consolidated Statements of Comprehensive (Loss) Income for the Years Ended December 31, 2025, 2024 and 2023 82 Consolidated Balance Sheets as of December 31, 2025 and 2024 83 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 84 Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023 86 Notes to Consolidated Financial Statements 87 (1) Business and Basis of Presentation 87 (2) Summary of Significant Accounting Policies 87 (3) Revenue 93 (4) Accumulated Other Comprehensive Loss 94 (5) Net (Loss) Income per Share 95 (6) Inventories, Net 96 (7) Capital Stock 96 (8) Property, Plant, and Equipment, Net 97 (9) Other Non-current Assets 97 (10) Equity Method Investments 97 (11) Leases 98 (12) Accrued Expenses and Other Current Liabilities 100 (13) Long-Term Debt 100 (14) Asset Retirement Obligations 101 (15) Fair Value of Financial Instruments and Fair Value Measurements 101 (16) Income Taxes 103 (17) Employee Benefit Plans 105 3 (18) Stock-Based Compensation Awards 113 (19) Related Party Transactions 118 (20) Commitments and Contingencies 118 (21) Concentration of Credit Risk and Major Customers 122 (22) Segment Information 122
Item 6. [Reserved] 61 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 62 Results of Operations 65 Liquidity and Capital Resources 69 Critical Accounting Policies and Estimates 75 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 78 Item 8.
Item 6. [Reserved] 61 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 62 Results of Operations 65 Liquidity and Capital Resources 69 Critical Accounting Estimates 75 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 77 Item 8.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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We may need to raise additional funds if market conditions deteriorate, if one or more of our assumptions prove to be incorrect or if we choose to expand our acquisition or development efforts or any other activity more rapidly than we presently anticipate and we may not be able to do so in a timely 69 Table of Contents fashion, on terms acceptable to us, or at all.
We may need to raise additional funds if market conditions deteriorate, if one or more of our assumptions prove to be incorrect or if we choose to expand our acquisition or 69 Table of Contents development efforts or any other activity more rapidly than we presently anticipate and we may not be able to do so in a timely fashion, on terms acceptable to us, or at all.
Investing Activities. Net cash used in investing activities for the year ended December 31, 2024 increased compared to the year ended December 31, 2023 despite a lower level of capital expenditures, as the prior year period benefited from a higher level of net proceeds from investment security activity.
Net cash used in investing activities for the year ended December 31, 2024 increased compared to the year ended December 31, 2023 despite a lower level of capital expenditures, as the prior year period benefited from a higher level of net proceeds from investment security activity.
Adjusted EBITDA does not purport to be an alternative to net income as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies.
Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies.
We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, net, and idled and closed mine costs.
We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, and idled and closed mine costs.
Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA,” “non-GAAP coal revenues,” “non-GAAP cost of coal sales,” and “non-GAAP coal margin.” In addition to net income, we use Adjusted EBITDA to measure the operating performance of our reportable segment.
Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA,” “non-GAAP coal revenues,” “non-GAAP cost of coal sales,” and “non-GAAP coal margin.” In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment.
Critical Accounting Policies and Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.
Critical Accounting Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.
In addition, a default under the terms of would inhibit our ability to make certain restricted payments, as defined in the ABL Agreement, including the Company’s ability to repurchase shares of the Company’s common stock.
In addition, a default under the terms of the agreement would inhibit our ability to make certain restricted payments, as defined in the ABL Agreement, including our ability to repurchase shares of our common stock.
Productivity assumptions are based on historical experience with the equipment that is expected to be utilized in the reclamation activities. Our asset retirement obligations are initially recorded at fair value. In order to determine fair value, we use assumptions including a discount rate and third-party margin. Each is discussed further below: • Discount Rate.
Productivity assumptions are based on historical experience with the equipment that is expected to be utilized in the reclamation activities. Our asset retirement obligations are initially recorded at fair value. In order to determine fair value, we use assumptions including a discount rate and third-party costs. Each is discussed further below: • Discount Rate.
Operating assets and liabilities fluctuated as the prior year period was negatively impacted by significant increases in accounts receivable and inventory and the final payment of our contingent revenue obligation, partially offset by a reduction in the amount held on deposit for the payment of dividends.
Operating assets and liabilities fluctuated as the prior year period was negatively impacted by significant increases in accounts receivable and inventory and the final payment of our contingent revenue obligation, partially offset by a reduction in the amount held on deposit for the payment of dividends. Investing Activities.
As a regular part of our business, we review opportunities for, and engage in discussions and negotiations concerning, the acquisition or disposition of coal mining and related infrastructure assets and interests in coal mining companies, and acquisitions or dispositions of, or combinations or other strategic transactions involving companies with coal mining or other energy assets.
As a regular part of our business, we review opportunities for, and engage in discussions and negotiations concerning, the acquisition or disposition of coal mining and related infrastructure assets and interests in coal mining companies, and acquisitions or dispositions of, or combinations or other strategic transactions involving, companies with coal mining or other complementary assets.
Under the 2025 Final Regulation’s 100% minimum collateral requirement, if this requirement is not modified or stayed through legal action, we estimate we would be required to provide approximately $80.0 million to $100.0 million of collateral to secure certain of our black lung obligations.
Under the 2025 Final Rule’s 100% minimum collateral requirement, if this requirement is not modified or stayed through legal action, we estimate we would be required to provide approximately $80.0 million to $100.0 million of collateral to secure certain of our black lung obligations.
For discussion on results of operations and financial condition pertaining to 2022 and year-over-year comparisons between 2023 and 2022, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023.
For discussion on results of operations and financial condition pertaining to 2023 and year-over-year comparisons between 2024 and 2023, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.
Sales of thermal coal were 1.2 million tons and 1.8 million tons, respectively, and accounted for approximately 7% and 10%, respectively, of our coal sales volume. Our sales of met coal were made primarily in several countries in Asia, Europe, and the Americas and to steel companies in the northeastern and midwestern regions of the United States.
Sales of thermal coal were 1.2 million tons and 1.2 million tons, respectively, and accounted for approximately 7% and 7%, respectively, of our coal sales volume. Our sales of met coal were made primarily in several countries in Asia, Europe, and the Americas and to steel companies in the northeastern and midwestern regions of the United States.
Instead, various known and unknown factors are likely to cause our actual performance and management’s actions to vary, and the results of these variances may be both material and adverse. See “Cautionary Statement Regarding Forward-Looking Statements” and “Item 1A.
Instead, various known and unknown factors are likely to cause our actual performance and management’s actions to vary, and the results of these variances may be both material and adverse. Refer to “Cautionary Statement Regarding Forward-Looking Statements” and “Item 1A.
Changes in our credit standing could have a material impact on our asset retirement obligations. • Third-Party Margin. The measurement of an obligation at fair value is based upon the amount a third party would demand to perform the obligation.
Changes in our credit standing could have a material impact on our asset retirement obligations. • Third-Party Costs. The measurement of an obligation at fair value is based upon the amount a third party would demand to perform the obligation.
The increased level of net proceeds from investment security activity in the prior year period was primarily due to the liquidation of certain marketable securities to facilitate the transfer of funds to another financial institution.
The increased level of net proceeds from investment security activity in the prior year period was primarily due to the liquidation of certain marketable securities to facilitate the transfer of funds to another financial institution. Financing Activities.
The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents. Subsequently, on February 20, 2025, we received a letter from the DCMWC stating that the 60-day deadline to provide information was no longer applicable and no information was required to be submitted at this time.
The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents. Subsequently, on February 20, 2025, we received a letter from the DCMWC stating that the 60-day deadline to 72 Table of Contents provide information was no longer applicable and no information was required to be submitted at this time.
For example, if the new authorization process for all self-insured coal mine operators is adopted, it would substantially increase the collateral required to secure our self-insured federal black lung obligations. Refer to the DCMWC Reauthorization Process section below for more information.
For example, if the new authorization process for all self-insured coal mine operators is adopted, it would substantially increase the collateral required to secure our self-insured federal black lung obligations. Refer to the “DCMWC Reauthorization Process” section below for more information.
The 2025 Final Regulation permits us to use combinations of letters of credit, surety bonds, and cash to 72 Table of Contents meet the collateral requirement. We received a letter from the Division of Coal Mine Workers’ Compensation (“DCMWC”) dated January 14, 2025, outlining the new procedures and application process for authorizing operators to self-insure under the new regulation.
The 2025 Final Rule permits us to use combinations of letters of credit, surety bonds, and cash to meet the collateral requirement. We received a letter from the Division of Coal Mine Workers’ Compensation (“DCMWC”) dated January 14, 2025, outlining the new procedures and application process for authorizing operators to self-insure under the new regulation.
In addition, for domestic sales contracts, as customers typically bear the cost of transportation from our mines, our operations located further away from the end user of the coal may command lower prices. • Regional Supply and Demand .
In addition, for domestic sales contracts, as 64 Table of Contents customers typically bear the cost of transportation from our mines, our operations located further away from the end user of the coal may command lower prices. • Regional Supply and Demand .
The weighted average discount rate used to determine the pension benefit obligation was 5.65% for the year ended December 31, 2024. The differences resulting from actual versus assumed discount rates are amortized into pension net periodic benefit cost (credit) over the remaining average life of the active plan participants.
The weighted average discount rate used to determine the pension benefit obligation was 5.44% for the year ended December 31, 2025. The differences resulting from actual versus assumed discount rates are amortized into pension net periodic benefit cost (credit) over the remaining average life of the active plan participants.
The weighted average discount rate used to determine black lung benefit obligations was 5.66% for the year ended December 31, 2024. The differences resulting from actual versus assumed discount rates are amortized into black lung net periodic benefit cost over the remaining average life of the active plan participants.
The weighted average discount rate used to determine black lung benefit obligations was 5.46% for the year ended December 31, 2025. The differences resulting from actual versus assumed discount rates are amortized into black lung net periodic benefit cost over the remaining average life of the active plan participants.
Refer to the DCMWC Reauthorization Process section below for information related to the new authorization process for self-insured coal mine operators being implemented by the U.S. Department of Labor (Division of Coal Mine Workers’ Compensation).
Refer to the “DCMWC Reauthorization Process” section below for information related to the new authorization process for self-insured coal mine operators being implemented by the U.S. Department of Labor (Division of Coal Mine Workers’ Compensation).
Our sales of thermal coal were made primarily to large utilities and industrial customers both in the United States and across the world. For the years ended December 31, 2024 and 2023 approximately 78% and 74%, respectively, of our coal revenues were derived from coal sales made to customers outside the United States.
Our sales of thermal coal were made primarily to large utilities and industrial customers both in the United States and across the world. For the years ended December 31, 2025 and 2024 approximately 73% and 78%, respectively, of our coal revenues were derived from coal sales made to customers outside the United States.
Our domestic sales contracts are typically priced free on board (“FOB”) at our mines and on a short ton basis. Our international sales contracts are typically priced FOB at the shipping port from which such coal is 64 Table of Contents delivered and on a metric ton basis.
Our domestic sales contracts are typically priced free on board (“FOB”) at our mines and on a short ton basis. Our international sales contracts are typically priced FOB at the shipping port from which such coal is delivered and on a metric ton basis.
We produce, process, and sell met coal and thermal coal. We also sell coal produced by others, some of which is processed and/or blended with coal produced from our mines prior to resale, with the remainder purchased for resale.
We also sell coal produced by others, some of which is processed and/or blended with coal produced from our mines prior to resale, with the remainder purchased for resale.
See below for further discussion. Additionally, we have long-term liabilities relating to asset retirement obligations, pension benefits, black lung benefits, postretirement life insurance benefits, and workers’ compensation benefits.
Refer to “Business Updates” below for further discussion. Additionally, we have long-term liabilities relating to asset retirement obligations, pension benefits, black lung benefits, postretirement life insurance benefits, and workers’ compensation benefits.
Beyond our share of routine operating costs, we expect we will invest an average of approximately $27.0 million per year for infrastructure and equipment upgrades at DTA over the next 5 years.
Beyond our share of routine operating costs, we expect 71 Table of Contents we will invest an average of approximately $21.0 million per year for infrastructure and equipment upgrades at DTA over the next 5 years.
DCMWC Reauthorization Process In January 2025, the DOL published new regulations outlining the requirements and procedures for authorizing operators to self-insure their liabilities under the Black Lung Benefits Act (the “2025 Final Regulation”), and we anticipate it would require a substantial increase in the collateral required to secure self-insured federal black lung obligations.
DCMWC Reauthorization Process In January 2025, the DOL published a final rule revising the requirements and procedures for authorizing operators to self-insure their liabilities under the Black Lung Benefits Act (the “2025 Final Rule”), and we anticipate it would require a substantial increase in the collateral required to secure self-insured federal black lung obligations.
The effective tax rate of 14.6% differs from the federal statutory rate of 21% primarily due to the permanent impact of percentage depletion, foreign-derived intangible income, and stock compensation deductions, partially offset by the impact of non-deductible compensation and state income taxes, net of federal impact. Refer to Note 16 for additional information.
The effective tax rate of 11.0% differs from the federal statutory rate of 21% primarily due to the permanent impact of stock compensation, percentage depletion, and foreign-derived intangible income deductions, partially offset by the impact of non-deductible compensation and state income taxes, net of federal impact. Refer to Note 16 to the Consolidated Financial Statements for additional information.
A one percentage-point increase in the discount rate would increase the net periodic pension cost for the year ended December 31, 2024 by approximately $1.5 million and decrease the projected benefit obligation as of December 31, 2024 by approximately $43.7 million.
A one percentage-point increase in the discount rate would increase the net periodic pension cost for the year ended December 31, 2025 by approximately $1.6 million and decrease the projected benefit obligation as of December 31, 2025 by approximately $43.0 million.
Net cash provided by operating activities for the year ended December 31, 2024 decreased compared to the year ended December 31, 2023 primarily due to the reduction in Met non-GAAP coal margin discussed above in “Results of Operations,” partially offset by changes in operating assets and liabilities.
Net cash provided by operating activities for the year ended December 31, 2024 decreased compared to the year ended December 31, 2023 primarily due to a reduction in Met non-GAAP coal margin, partially offset by changes in operating assets and liabilities.
The corresponding effects of a one percentage-point decrease in discount rate would decrease the net periodic black lung benefit cost for the year ended 76 Table of Contents December 31, 2024 by approximately $0.5 million and increase the projected benefit obligation as of December 31, 2024 by approximately $12.8 million.
The corresponding effects of a one percentage-point decrease in discount rate would decrease the net periodic black lung benefit cost for the year ended 76 Table of Contents December 31, 2025 by approximately $0.6 million and increase the projected benefit obligation as of December 31, 2025 by approximately $14.3 million.
The corresponding effects of a one percentage-point decrease in discount rate would decrease the net periodic pension cost for the year ended December 31, 2024 by approximately $1.9 million and increase the projected benefit obligation as of December 31, 2024 by approximately $52.7 million. Coal Workers’ Pneumoconiosis.
The corresponding effects of a one percentage-point decrease in discount rate would decrease the net periodic pension cost for the year ended December 31, 2025 by approximately $2.1 million and increase the projected benefit obligation as of December 31, 2025 by approximately $51.6 million. Coal Workers’ Pneumoconiosis.
Furthermore, analogous measures are used by industry analysts to evaluate the Company’s operating performance.
Furthermore, analogous measures are used by industry analysts to evaluate our operating performance.
In February 2025, we, along with numerous U.S. states and other entities involved in the fossil fuel industry, filed a complaint against the attorney general of New York and other New York officials.
We believe that the new law is unconstitutional under the U.S. Constitution. In February 2025, we, along with numerous U.S. states and other entities involved in the fossil fuel industry, filed a complaint against the attorney general of New York and other New York officials.
At December 31, 2024, we had recorded asset retirement obligation liabilities of $219.7 million, including amounts reported as current. While the precise amount of these future costs cannot be determined with certainty, as of December 31, 2024, we estimate that the aggregate undiscounted cost of final mine closures is approximately $494.5 million.
At December 31, 2025, we had recorded asset retirement obligation liabilities of $227.4 million, including amounts reported as current. While the precise amount of these future costs cannot be determined with certainty, as of December 31, 2025, we estimate that the aggregate undiscounted cost of final mine closures is approximately $497.8 million.
A one percentage-point increase in the discount rate would increase the net periodic black lung benefit cost for the year ended December 31, 2024 by approximately $0.4 million and decrease the projected benefit obligation as of December 31, 2024 by approximately $10.6 million.
A one percentage-point increase in the discount rate would increase the net periodic black lung benefit cost for the year ended December 31, 2025 by approximately $0.5 million and decrease the projected benefit obligation as of December 31, 2025 by approximately $11.9 million.
Item 7. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides a narrative of our results of operations and financial condition for the years ended December 31, 2024 and 2023.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides a narrative of our results of operations and financial condition for the years ended December 31, 2025 and 2024.
On December 10, 2020, we closed on a transaction with Iron Senergy Holdings, LLC, to sell our thermal coal mining operations located in Pennsylvania consisting primarily of our Cumberland mining complex and related property (our former NAPP operations).
On December 10, 2020, we closed on a transaction with Iron Senergy Holdings, LLC, to sell our thermal coal mining operations located in Pennsylvania consisting primarily of our Cumberland mining complex and related property (our former NAPP operations). This transaction accelerated our strategic exit from thermal coal production to shift our focus to met coal production.
As of December 31, 2024, we had 298.6 million tons of reserves, which included 287.8 million tons of proven and probable metallurgical reserves and 10.8 million tons of proven and probable thermal reserves. We began operations on July 26, 2016, with mining operations in NAPP, CAPP, and the PRB. Through the Acquisition, we acquired a significant reserve base.
As of December 31, 2025, we had 294.5 million tons of reserves, which included 282.8 million tons of proven and probable metallurgical reserves and 11.7 million tons of proven and probable thermal reserves. We began operations on July 26, 2016, with mining operations in NAPP, CAPP, and the PRB. Through the Acquisition, we acquired a significant reserve base.
As of December 31, 2024, we had the following cash collateral on our Consolidated Balance Sheets: (in thousands ) December 31, 2024 Long-term restricted cash $ 122,583 Long-term restricted investments 43,131 Short-term and long-term deposits 4,974 Total cash collateral $ 170,688 Off-Balance Sheet Arrangements We are required to provide financial assurance in order to perform the post-mining reclamation required by our mining permits, pay workers’ compensation claims under workers’ compensation laws in various states, pay federal black lung benefits, and perform certain other obligations.
As of December 31, 2025, we had the following cash collateral on our Consolidated Balance Sheets: (in thousands ) December 31, 2025 Long-term restricted cash $ 126,911 Long-term restricted investments 34,356 Long-term deposits 4,792 Total cash collateral $ 166,059 Off-Balance Sheet Arrangements We are required to provide financial assurance in order to perform the post-mining reclamation required by our mining permits, pay workers’ compensation claims under workers’ compensation laws in various states, pay federal black lung benefits, and perform certain other obligations.
The mine, which will produce a Low-Vol. quality met coal, is expected to begin production late in 2025. In 2023, we completed development of and production began at our Rolling Thunder and Checkmate Powellton mines within our Power Mountain and Elk Run mining complexes, respectively, which produce High-Vol. B quality met coal from the Powellton coal seam.
The mine, which will produce a Low-Vol. quality met coal, is expected to begin production in the first quarter of 63 Table of Contents 2026. In 2023, we completed development of and commenced production at our Rolling Thunder and Checkmate Powellton mines within our Power Mountain and Elk Run mining complexes, respectively, which produce High-Vol.
At the midpoint of guidance, this total includes approximately $117 million in sustaining maintenance capital, approximately $40 million in planned projects to invest in mine development, and approximately $10 million in carryover from 2024 due to timing and availability of supplies and contract labor.
At the midpoint of guidance, this total includes approximately $137.0 million in sustaining maintenance capital, approximately $9.5 million in planned projects to invest in mine development, and approximately $11.5 million in carryover from 2025 due to timing and availability of supplies and contract labor.
In December 2022, we purchased substantially all of the assets of a mining equipment component manufacturing and rebuild business to help secure the supply of certain underground mining equipment parts needed for our operations. Refer to Note 2 for additional information. Factors Affecting Our Results of Operations Sales Agreements.
In December 2022, we purchased substantially all of the assets of a mining equipment component manufacturing and rebuild business to help secure the supply of certain underground mining equipment parts needed for our operations. Factors Affecting Our Results of Operations Sales Agreements. We manage our commodity price risk for coal sales through the use of coal supply agreements.
As of December 31, 2024, we had $2.9 million of long-term indebtedness outstanding, net of current portion, and no indebtedness and $42.1 million letters of credit outstanding under our ABL Facility (as defined below).
As of December 31, 2025, we had $9.8 million of long-term indebtedness outstanding, net of current portion, and no indebtedness and $41.3 million letters of credit (“LC”) outstanding under our ABL Facility (as defined below).
Because we plan to perform a significant amount of the reclamation activities with internal resources, a third-party margin was added to the estimated costs of these activities. This margin was estimated based upon our historical experience with contractors performing similar types of reclamation activities.
Because we plan to perform a significant amount of the reclamation activities with internal resources, our estimates of third-party costs includes their margin. We base our estimates of third-party costs upon our historical experience with contractors performing similar types of reclamation activities.
We establish the expected long-term rate of return on plan assets at the beginning of each fiscal year based upon historical returns and projected returns on the underlying mix of invested assets.
We establish the expected long-term rate of return on plan assets at the beginning of each fiscal year based upon historical returns and projected returns on the underlying mix of invested assets. The Pension Plan investment targets are 50% equity securities and 50% fixed income funds.
New York State Act In December 2024, the state of New York adopted a law purporting to impose significant, ongoing charges upon a variety of companies involved in the production and use of fossil fuels, including our company (the “Act”). Other states are contemplating adopting similar laws. We believe that the new law is unconstitutional under the U.S. Constitution.
New York State Act In December 2024, the state of New York adopted the Climate Change Superfund Act, purporting to impose significant, ongoing cash charges upon a variety of companies involved in the production and use of fossil fuels, including our company (the “Act”). Other states have adopted or are contemplating adopting similar laws.
Refer to Note 17 to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K for disclosures summarizing the changes in this projected benefit obligation for the years ended December 31, 2024 and 2023.
Refer to Note 17 to the Consolidated Financial Statements for disclosures summarizing the changes in this projected benefit obligation for the years ended December 31, 2025 and 2024.
For the year ended December 31, 2024, we recorded a net periodic benefit cost of $4.5 million for our Pension Plan and have recorded a net obligation of $100.6 million which is net of assets of $351.4 million.
For the year ended December 31, 2025, we recorded a net periodic benefit cost of $5.2 million for our Pension Plan and have recorded a net obligation of $87.3 million which is net of assets of $370.1 million.
The net change in cash, cash equivalents, and restricted cash was attributable to the following: Year Ended December 31, 2024 2023 2022 Cash flows (in thousands): Net cash provided by operating activities $ 579,919 $ 851,159 $ 1,484,005 Net cash used in investing activities (230,986) (166,000) (329,357) Net cash used in financing activities (128,897) (656,428) (981,868) Net increase in cash and cash equivalents and restricted cash $ 220,036 $ 28,731 $ 172,780 Operating Activities.
The net change in cash, cash equivalents, and restricted cash was attributable to the following: Year Ended December 31, 2025 2024 2023 Cash flows (in thousands): Net cash provided by operating activities $ 144,926 $ 579,919 $ 851,159 Net cash used in investing activities (203,975) (230,986) (166,000) Net cash used in financing activities (52,227) (128,897) (656,428) Net (decrease) increase in cash and cash equivalents and restricted cash $ (111,276) $ 220,036 $ 28,731 Operating Activities.
Dividend Program Refer to Note 7 for information related to our dividend program. Cash Flows Cash, cash equivalents, and restricted cash increased by $220.0 million, $28.7 million, and $172.8 million over the years ended December 31, 2024, 2023, and 2022, respectively.
Dividend Program Refer to Note 7 to the Consolidated Financial Statements for information related to our dividend program. 73 Table of Contents Cash Flows Cash, cash equivalents, and restricted cash decreased by $111.3 million and increased by $220.0 million and $28.7 million over the years ended December 31, 2025, 2024, and 2023, respectively.
Refer to Note 17 to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K for a summary of these assumptions and additional disclosures related to our Pension Plan.
Refer to Note 17 to the Consolidated Financial Statements for a summary of these assumptions and additional disclosures related to our Pension Plan.
Net cash used in financing activities for the year ended December 31, 2024 decreased compared to the year ended December 31, 2023, driven by a significant reduction in level of stock repurchases made under our share repurchase program as well as a reduction in dividends paid due to the payment of a one-time special dividend in the prior year period and the cessation of our fixed dividend program in the fourth quarter of 2023.
Net cash used in financing activities for the year ended December 31, 2024 decreased compared to the year ended December 31, 2023, driven by a significant reduction in level of stock repurchases made under our share repurchase program as well as a reduction in dividends paid due to the payment of a one-time special dividend in the prior year period and the cessation of our fixed dividend program in the fourth quarter of 2023. 74 Table of Contents Analysis of Material Debt Covenants We are in compliance with all covenants under the ABL Agreement as of December 31, 2025, including the requirement that we maintain minimum liquidity, as defined in the ABL Agreement, of $75.0 million.
Refer to Notes 21 and 22 for additional disclosures on our reportable segment, geographic areas, and export coal revenue information. As discussed in the “Market Overview” presented above, metallurgical coal prices remain at lower levels than in recent years due to weak global steel demand which has been influenced by a slowdown in manufacturing activity, economic pressures, and geopolitical uncertainty.
As discussed in the “Market Overview” presented above, metallurgical coal prices remain at lower levels than in recent years due to weak global steel demand which has been influenced by a slowdown in manufacturing activity. Economic pressures, geopolitical uncertainty, and shifting trade policies have contributed to metallurgical market challenges.
As of December 31, 2024, we had the following outstanding surety bonds and LCs: (in thousands ) December 31, 2024 Surety bonds $ 182,769 Letters of credit (1) $ 42,149 (1) The LCs outstanding are under the ABL Agreement dated October 27, 2023.
As of December 31, 2025, we had the following outstanding surety bonds and LCs: (in thousands ) December 31, 2025 Surety bonds $ 170,014 Letters of credit (1) $ 41,254 (1) The LCs outstanding are under the ABL Agreement.
We have a non-contributory defined benefit retirement Pension Plan covering certain of our salaried and non-union hourly employees, all of which are frozen. Benefits are based on either the employee’s compensation prior to retirement or stated amounts for each year of service with us.
Pension Plan We sponsor a qualified non-contributory pension plan (“Pension Plan”) which covers certain salaried and non-union hourly employees. Participants accrued benefits either based on certain formulas, the participant’s compensation prior to retirement or plan specified amounts for each year of service. Benefits are frozen under the Pension Plan.
Since then, the Australian Premium Low Volatile decreased from quarter-close levels to $190.00 per metric ton, as of February 17, 2025. The U.S. East Coast Low Volatile, High Volatile A, and High Volatile B indices measured $187.00, $185.00, and $171.00 per ton, respectively, as of the same date.
Since then, all four indices have increased from their end-of-quarter levels. As of February 16, 2026, the Australian Premium Low Volatile increased to $242.50 per metric ton from its quarter-close level. The U.S. East Coast Low Volatile, High Volatile A, and High Volatile B indices measured $198.00, $160.00, and $150.00 per ton, respectively, as of the same date.
Funding of the Pension Plan is in accordance with requirements of ERISA, and our contributions can be deducted for federal income tax purposes. We contributed $12.3 million to our Pension Plan for the year ended December 31, 2024.
Benefits are based on either the employee’s compensation prior to retirement or stated amounts for each year of service with us. Funding of the Pension Plan is in accordance with requirements of ERISA, and our contributions can be deducted for federal income tax purposes. We contributed $17.0 million to our Pension Plan for the year ended December 31, 2025.
Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023 Revenues The following table summarizes information about our revenues during the years ended December 31, 2024 and 2023: Year Ended December 31, Increase (Decrease) (In thousands, except for per ton data) 2024 2023 $ or Tons % Coal revenues $ 2,946,579 $ 3,456,630 $ (510,051) (14.8) % Other revenues 10,706 14,787 (4,081) (27.6) % Total revenues $ 2,957,285 $ 3,471,417 $ (514,132) (14.8) % Tons sold 17,127 17,072 55 0.3 % Coal revenues.
Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Revenues The following table summarizes information about our revenues during the years ended December 31, 2025 and 2024: Year Ended December 31, Increase (Decrease) (In thousands, except for per ton data) 2025 2024 $ or Tons % Coal revenues $ 2,122,605 $ 2,946,579 $ (823,974) (28.0) % Other revenues 6,876 10,706 (3,830) (35.8) % Total revenues $ 2,129,481 $ 2,957,285 $ (827,804) (28.0) % Tons sold 15,280 17,127 (1,847) (10.8) % Coal revenues.
Constitution, (b) declare that that the Act is unenforceable, and (c) enjoin the state of New York and its officials from taking any action to implement or enforce the Act. Although we believe that the Act is very unlikely to be upheld, the outcome cannot be predicted with certainty.
Constitution, (b) declare that the Act is unenforceable, and (c) enjoin the state of New York and its officials from taking any action to implement or enforce the Act. On May 1, 2025, the U.S.
In August 2023, we completed our transition to a pure-play metallurgical producer with the closure of Slabcamp, our last remaining thermal coal mine. In the first quarter of 2023, we completed a series of transactions to acquire a number of coal trucks and related equipment and facilities to secure trucking services for our operations.
B quality met coal from the Powellton coal seam. In the first quarter of 2023, we completed a series of transactions to acquire a number of coal trucks and related equipment and facilities to secure trucking services for our operations.
If the Act, or similar acts adopted in other U.S. states, were upheld, our liquidity would be materially, adversely affected. Respirable Crystalline Silica Final Rule In April 2024, MSHA issued its final rule, Lowering Miners’ Exposure to Respirable Crystalline Silica and Improving Respiratory Protection, to reduce miner exposures to respirable crystalline silica and improve respiratory protection for all airborne hazards.
Respirable Crystalline Silica Final Rule In April 2024, MSHA issued its final rule, Lowering Miners’ Exposure to Respirable Crystalline Silica and Improving Respiratory Protection, to reduce miner exposures to respirable crystalline silica and improve respiratory protection for all airborne hazards.
Regionally, in December 2024, crude steel production in the Asia and Oceania region, which contains both India and China, was 106.3 million metric tons, an increase of 9.0% compared to its December 2023 levels. The European Union’s December 2024 crude steel production of 9.6 million metric tons represented an increase of 7.2% from its December 2023 levels.
Regionally, the Asia and Oceania region, which contains both India and China, produced 99.7 million metric tons of crude steel in December 2025, a 6.3% decrease from December 2024. The European Union produced 9.9 million metric tons in December, representing a 3.9% increase compared to the same period last year.
Depreciation, depletion and amortization. Depreciation, depletion and amortization increased $30.5 million, or 22.3%, for the year ended December 31, 2024 compared to the prior year period. The increase was primarily due to an increase in assets placed in service during 2023 and 2024. Selling, general and administrative.
The increase was primarily due to an increase in assets placed in service through December 2025. Selling, general and administrative. Selling, general and administrative expenses decreased $13.8 million, or 18.7%, for the year ended December 31, 2025 compared to the prior year period.
The expected long-term rate of return on plan assets assumption used to determine net periodic benefit cost was 5.70% for the year ended December 31, 2024. The expected long-term rate of return on plan assets assumption to be used in 2025 is expected to be 5.70%.
The expected long-term rate of return on plan assets assumption to be used in 2026 is expected to be 5.70%.
With customers across the globe, high-quality reserves and significant port capacity, we are a leading supplier of metallurgical coal products to the steel industry. We operate high-quality, cost-competitive coal mines across the CAPP coal basin. As of December 31, 2024, our operations consisted of twenty active mines and eight active coal preparation and load-out facilities, with approximately 4,040 employees.
Business Overview We are a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, we are a leading supplier of metallurgical coal products to the steel industry. We operate high-quality, cost-competitive coal mines across the CAPP coal basin.
The effective tax rate of 11.0% differs from the federal statutory rate of 21% primarily due to 66 Table of Contents the permanent impact of stock compensation, percentage depletion, and foreign-derived intangible income deductions, partially offset by the impact of non-deductible compensation and state income taxes, net of federal impact.
The effective tax rate of 29.5% differs from the federal statutory rate of 21% primarily due to the permanent impact of percentage depletion, state income taxes, net of federal impact, and the impact of stock compensation, partially offset by the impact of non-deductible compensation and provision-to-return adjustments. 66 Table of Contents Income tax expense of $23.2 million was recorded for the year ended December 31, 2024 on income before income taxes of $210.8 million.
The decrease in Adjusted EBITDA was primarily driven by decreased coal margin and lower non-GAAP coal sales realization per ton in the current period. Liquidity and Capital Resources Overview Our primary sources of liquidity are derived from existing unrestricted cash balances, proceeds from future coal sales, and amounts available under our revolving credit agreement.
Liquidity and Capital Resources Overview Our primary sources of liquidity are derived from existing unrestricted cash balances, short-term investments, proceeds from future coal sales, and amounts available under our revolving credit agreement.
At December 31, 2024, a valuation allowance of $48.7 million has been provided on deferred tax assets not expected to provide future tax benefits. Refer to Note 16 to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K for additional disclosures on income taxes. Asset Impairment. U.S.
At December 31, 2025, a valuation allowance of $3.2 million has been provided on deferred tax assets not expected to provide future tax benefits. Refer to Note 16 to the Consolidated Financial Statements for additional disclosures on income taxes. For a further discussion of the factors that could result in a change in our assumptions, refer to “Item 1A.
The disposition of our former NAPP operations accelerated our strategic exit from thermal coal production to shift our focus toward met coal production. For the years ended December 31, 2024 and 2023, sales of met coal were 15.9 million tons and 15.3 million tons, respectively, and accounted for approximately 93% and 90%, respectively, of our coal sales volume.
For the years ended December 31, 2025 and 2024, sales of met coal were 14.1 million tons and 15.9 million tons, respectively, and accounted for approximately 93% and 93%, respectively, of our coal sales volume.
East Coast High Volatile A index fell from $184.00 per metric ton in October to $183.00 per metric ton at the end of December 2024, and the U.S. East Coast High Volatile B index opened and closed the quarter at $171.00 per metric ton.
East Coast High Volatile A index fell from $152.50 per metric ton at the beginning of the quarter to $150.50 per metric ton at the end of the quarter, and the U.S. East Coast High Volatile B index decreased from $144.50 per metric ton to $144.20 per metric ton at the quarter’s close.
It is therefore not presently possible to estimate the cost to the company of complying with the rules. 73 Table of Contents Share Repurchase Program Refer to Note 7 and “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” for information on the share repurchase program and the shares repurchased during the current period.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” for information on the share repurchase program and the shares repurchased during the current period.
Liquidity The following table summarizes our total liquidity as of December 31, 2024: (in thousands ) December 31, 2024 Cash and cash equivalents $ 481,578 Credit facility availability (1) 112,851 Minimum liquidity requirement (75,000) Total liquidity $ 519,429 (1) Comprised of our unused commitments available under our ABL Agreement after considering $42.1 million of outstanding LCs, subject to limitations described therein.
Liquidity The following table summarizes our total liquidity as of December 31, 2025: (in thousands) December 31, 2025 Cash and cash equivalents $ 365,974 Short-term investments 49,582 Credit facility availability (1) 183,746 Minimum liquidity requirement (75,000) Total liquidity $ 524,302 (1) Comprised of our unused commitments available under our credit agreement entered into on October 27, 2023 that was amended and extended on May 6, 2025 (the “ABL Agreement”) after considering $41.3 million of outstanding LCs, subject to limitations described therein.
Refer to Note 17 to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K for disclosures summarizing these underlying assumptions and the changes in these projected benefit obligations for the years ended December 31, 2024 and 2023. Income Taxes.
For the year ended December 31, 2025, we recorded a net periodic benefit cost of $12.2 million for our black lung benefit obligations. Refer to Note 17 to the Consolidated Financial Statements for disclosures summarizing these underlying assumptions and the changes in these projected benefit obligations for the years ended December 31, 2025 and 2024. Income Taxes.
The inclusion of this margin will result in a recorded obligation that is greater than our estimates of our cost to perform the reclamation activities.
To the extent we carry out reclamation activities using internal resources, our estimates of third-party costs will result in a recorded obligation that is potentially greater than our estimates.
Refer to the “Non-GAAP Coal revenues” section below for further detail on coal revenues for the year ended December 31, 2024 compared to the prior year period. 65 Table of Contents Cost and Expenses The following table summarizes information about our costs and expenses during the years ended December 31, 2024 and 2023: Year Ended December 31, Increase (Decrease) (In thousands) 2024 2023 $ % Cost of coal sales (exclusive of items shown separately below) $ 2,451,601 $ 2,356,138 $ 95,463 4.1 % Depreciation, depletion and amortization 167,331 136,869 $ 30,462 22.3 % Accretion on asset retirement obligations 25,050 25,500 $ (450) (1.8) % Amortization of acquired intangibles, net 6,700 8,523 $ (1,823) (21.4) % Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) 74,000 82,390 $ (8,390) (10.2) % Other operating loss (income) 4,749 (1,088) $ 5,837 536.5 % Total costs and expenses $ 2,729,431 $ 2,608,332 $ 121,099 4.6 % Cost of coal sales.
Cost and Expenses The following table summarizes information about our costs and expenses during the years ended December 31, 2025 and 2024: 65 Table of Contents Year Ended December 31, Increase (Decrease) (In thousands) 2025 2024 $ % Cost of coal sales (exclusive of items shown separately below) $ 1,924,691 $ 2,451,601 $ (526,910) (21.5) % Depreciation, depletion and amortization 174,524 167,331 $ 7,193 4.3 % Accretion on asset retirement obligations 22,126 25,050 $ (2,924) (11.7) % Amortization of acquired intangibles 5,427 6,700 $ (1,273) (19.0) % Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) 60,158 74,000 $ (13,842) (18.7) % Other operating loss 3,921 4,749 $ (828) (17.4) % Total costs and expenses $ 2,190,847 $ 2,729,431 $ (538,584) (19.7) % Cost of coal sales.
Results of Operations Our results of operations for the years ended December 31, 2024 and 2023 are discussed in these “Results of Operations” presented below. For comparability purposes, certain immaterial segment information for the year ended December 31, 2023 has been recast to conform to the current year presentation. Refer to Note 22.
Results of Operations Our results of operations for the years ended December 31, 2025 and 2024 are discussed in these “Results of Operations” presented below.
North America produced 8.8 million metric tons in December, 4.3% less than the year-ago period. The American Iron and Steel Institute’s capacity utilization rate for U.S. steel mills was 75.0% for the week ending February 15, 2025. This is lower than the year-ago period when the capacity utilization rate was 77.7%.
North America’s December 2025 crude steel production was 9.0 million metric tons, down 0.4% from the December 2024 level. The American Iron and Steel Institute’s capacity utilization rate for U.S. steel mills was 77.8% for the week ending February 14, 2026.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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As of December 31, 2024 and 2023, the remaining maturities of our acquired debt securities was less than 12 months. Foreign Currency Risk Our transactions are denominated in U.S. dollars, and, as a result, we do not have material exposure to currency exchange-rate risks.
As of December 31, 2025 and 2024, the remaining maturities of our acquired debt securities was less than 12 months. 77 Table of Contents Foreign Currency Risk Our transactions are denominated in U.S. dollars, and, as a result, we do not have material exposure to currency exchange-rate risks.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk Commodity Price Risk We manage our commodity price risk for coal sales through the use of coal supply agreements. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Factors Affecting Our Results of Operations” for information on our sales commitments for 2025.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk Commodity Price Risk We manage our commodity price risk for coal sales through the use of coal supply agreements. Refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Factors Affecting Our Results of Operations” for information on our sales commitments for 2026.
Any cash borrowings under the facility would bear a floating rate of interest. No cash borrowings were outstanding under the facility as of December 31, 2024 or 2023. Refer to Note 13 for additional information.
Any cash borrowings under the facility would bear a floating rate of interest. No cash borrowings were outstanding under the facility as of December 31, 2025 or 2024. Refer to Note 13 to the Consolidated Financial Statements for additional information.
As of December 31, 2024 and 2023, we had investments in trading securities of $43.1 million and $40.6 million respectively, primarily consisting of U.S. government securities.
As of December 31, 2025 and 2024, we had investments in trading securities of $83.9 million and $43.1 million respectively, primarily consisting of U.S. government securities.
As of December 31, 2024, our forecasted diesel fuel usage and fixed price diesel fuel purchase commitments for 2025 are as follows: Budgeted Usage in Gallons % Priced Average Realized Price per Gallon Diesel fuel 23.3 million 68.0 % $2.84 Interest Rate Risk As of December 31, 2024, we maintain a senior secured asset-based revolving credit facility, under which we may borrow up to $155.0 million (less amounts outstanding for LCs).
We expect to purchase approximately 22.0 million gallons of diesel fuel in 2026 at market rates given the current outlook of diesel fuel pricing. Interest Rate Risk As of December 31, 2025, we maintain a senior secured asset-based revolving credit facility, under which we may borrow up to $225.0 million (less amounts outstanding for LCs).

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